November 1, 2023 | Daily JAM |
I guess it’s good news. Today the U.S. Treasury Department said it will slow the pace of increases in its longer-dated debt auctions in the November 2023 to January 2024 quarter to just $112 billion in the next auction, up from $103 billion. Primary dealers surveyed by Bloomberg had expected an increase to $114 billion in next week’s quarterly refunding.
August 19, 2023 | Daily JAM, Mid Term |
The Treasury will auction a literal truckload of debt this week. And that’s making the bond market nervous. We’ve already had major volatility that wiped out this year’s 4% gain in Treasury bonds. The worry is focused on the long end of the yield curve where demand for 20- and 30-year Treasuries has been light. The Bloomberg index of Treasuries maturing in 10 years and more has slumped 5.7% so far in August.
March 25, 2021 | Daily JAM, Mid Term |
Today’s auction of $62 billion in seven-year Treasury notes was a big improvement on the dismal February auction. But the 5- and 7-year heart of the yield curve is still showing stress as it tried to absorb huge amounts of issuance.
March 22, 2021 | Daily JAM, Morning Briefing |
The yield on the 10-year Treasury didn’t move much today, Monday, March 22, with the yield dropping 3 basis points to 1.69%. Treasury volatility could pick up big time later this week as the government auctions off Treasuries across a range of maturities. The action will reach a crescendo on Thursday as the U.S. Treasury auctions off $62 billion in seven-year notes. It was a disastrous failed auction of that maturity a month ago that ratcheted up volatility in the Treasury market.
October 8, 2018 | Daily JAM, Morning Briefing |
Actually, considering the list of fears today, it's kind of remarkable that the U.S. stock market hasn't fallen farther. (The U.S. bond market is closed for the Columbus Day holiday.) In the EuroZone the confrontation between the Italian government and the European...
February 21, 2018 | Daily JAM, Morning Briefing |
The U.S. Treasury auctioned off $35 billion in 5-year notes today. The yield climbed to 2.658%. In trading the 5-year Treasury closed at 2.68% today. That yield is up 23 basis points in the last month. The yield on the 10-year Treasury note closed at 2.94%, up 5 basis points on the day,