STIR: Some Buying Off Lows Post-Auction But Still Very Heavy Losses On The Day
* US rates briefly extended to new cycle lows on the very weak 5Y auction although have more than reversed the latest push lower. * They're still as much as 23 ticks lower on the day out in 2028 contracts. * The peak implied yield sits at 4.91% (pushing out to the Z7 after some time at the U7) having earlier hit a new