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- Limited react to Aug new home sales +1.5% to 0.740M SAAR; July new home sale up-revised to 0.729M SAAR. Major focus on Fri October 8 Sep employ data two weeks from now as a prerequisite for Nov FOMC taper annc.
- Session headlines from KC Fed George did not covering new ground, but reiterated tapering asset purchases sooner rather than later as better, Bbg:
- HAVE LONG WAY TO GO, STIMULUS FROM OUR POLICY TO LINGER
- STARTING TAPER PROCESS IS IMPORTANT, NEED FLEXIBILITY
- With month end fast approaching, next week's Tsy auctions jammed into the first half of the week: $82B total 13- and 26W bills Monday in addition to $60B 2Y and $61B 5Y notes on Monday.
- Incoming supply generated some pre-auction short sets, while October Tsy serial options expiry generated two-way hedging as 10s and 30s close to pinning strikes in USV 161 and TYV 132 strikes.
- The 2-Yr yield is up 1.3bps at 0.2736%, 5-Yr is up 0.7bps at 0.955%, 10-Yr is up 2.8bps at 1.4578%, and 30-Yr is up 4.6bps at 1.9854%.