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Ylds Climb After Poor 30Y Demand, Powell Reiterates Fed Mandate

US TSYS
  • Treasury yields gapped higher after poor demand for Tsy $24B 30Y Bond sale tailed Thursday: 10Y 4.6498% high (+.1573), 30Y tapped 4.8312% high before settling back in at 4.7732 % (+.1583) after the bell.
  • Rates had attempted a rebound in the minutes after the auction, but remained elevated as comments from Fed Chairman Powell at an IMF conference were deemed hawkish. In actuality, however, Powell comments were very much in line with post FOMC presser:
  • The Fed "is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2% over time; we are not confident that we have achieved such a stance," Powell said. The Fed will "move carefully" so that the central bank can address the risk of being misled by a few good months of data, and the risk of overtightening, he said.
  • Generally muted react ro comments from Federal Reserve Bank of Richmond President Tom Barkin at an MNI Webcast earlier: he is not yet convinced inflation is on a path to 2% but is uncertain whether the Fed has to do more to slow the economy further.
  • Treasury futures extend lows after $24B 30Y auction (912810TV0) tails 5.2bp: 4.769% high yield vs. 4.717% WI; 2.24x bid-to-cover vs. 2.35x in the prior month. Indirect take-up 60.11% vs. 65.13% prior; direct bidder take-up 15.16% vs. 16.71% prior; primary dealer take-up 24.73% vs. 18.17%.
  • Little react to early data: initial claims were close to expectations with a seasonally adjusted 217k (cons 218k) in the week to Nov 4 after another slightly upward revised 220k (initial 217k).
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