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Along with the noted large tail, there was also the joint lowest indirect take with Sep 2021 and the lowest bid-to-cover since Dec 2018 - see chart: Indirect take (white), bid-to-cover (yellow)
* Tsy futures extends lows after large 3.1bp tail - 16th consecutive: $70B 5Y note auction (91282CRK9) drawing 5.033% high yield vs. 5.032% WI; 2.21x bid-to-cover vs. 2.37x prior (2.33x 5-auction avg) * Peripheral stats: Indirect take-up to 54.31% from 61.51% prior (65.91% 5-auction avg), direct take up to 29.92% vs. 2
* The 5Y WI up to 4.987% from 4.967% earlier - highest since July 2006 - and 59.4bp cheap to last month's tail: 4.393% high yield vs. 4.392% WI. * Auction headwind: another tail today will make it 16 in a row. Near term risks include doubts over diplomatic solution to US/Iran war underpinning crude prices.
Tsy futures are near mid-morning lows (FVZ6 -16.25 at 103-23.5; TYZ6 currently -24 at 105-08) ahead of the $70B 5Y note auction (91282CRN3) at 1300ET, WI is currently running at 4.967% - highest since July 1, 2006 - and 57.4bp cheap to last month's tail. * August auction recap: Tsy futures held near lows after a small
* Tsy futures continue to extend lows with crude rising (WTI appr $92.86/bbl). TYZ6 through technical support at 105-10.5 (Oct 19 2023 low) to 105-08 at the moment (-24). 10Y yield +.0830 at 5.3825%. * Next support level at 105-00.5 (2.382 proj of Jun 30 - Jul 14 - 17 price swing). * As was the case yesterday - corpora
Highlights: * Xi Jinping heads to Washington, meetings with Trump in focus * Flash PMI data in focus, as well as more Fedspeak * USD strength pervades, putting key levels in both GBPUSD and USDMXN into view US TSYS: Paring Gains, Flash PMIs Ahead, Trump Welcomes Xi Tonight: s-xi-tonight-1790161492747 Treasuries are mil