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UST: Treasuries Book Another Gain

January 14, 2015 | Morningstar

Treasuries gained for the 12th time in 13 sessions. The complex got off to a strong start, pressuring yields ahead of the cash open. Selling emerged at the onset of U.S. trade, running yields back into positive territory. However, some light buying developed into the afternoon, dropping yields off their highs ahead of the disappointing $21B 10Y note reopening.

The auction tailed, drawing 1.930% (WI 1.916%) and a light 2.61x bid/cover. Indirect (50.0%) and direct (9.2%) bids both missed their 12-auction averages, leaving primary dealers with 40.8% of the supply. Some selling developed in response to the tepid results, but trade quickly raced to its best levels since early on in the U.S. session as a sudden reversal in equities caused money to rush back into the complex. Trade would near the early highs, but not take them out.

Up front, the 2Y slipped -0.4bps to 53.7 bps. Action continues to test support at the level. In the belly, the 5Y slid -2.9bps to 1.359%. Action posted its lowest close since the October 15 panic. The 10Y fell -2.2bps to 1.890%. The benchmark yield finished at levels last seen in May 2013, but was unable to take out the October low. The long end lagged as the 30Y eased -1bp to 2.482%. Early buying dropped the yield to within 1bp of its all-time low print (2.452%). Curve flattening continued as the 2-10-yr spread narrowed to 135.5bps. Precious metals ended mixed as gold fell -$2 to $1231 and silver climbed +$0.47 to $17.03. Data: MBA Mortgage Index (7), retail sales, import/export prices (8:30), business inventories (10), and the Fed's Beige Book (14). Auction: $13B 30Y bond reopening.

Організація: USA

Повна назва організаціїThe United States of America
Країна ризикуUSA
Країна реєстраціїUSA

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