Disappointing 2Y Auction Tails As Yield Jumps To 15 Month High

zerohedge2021-06-23

Short-term rates moved sharply higher after last week's technical tweak by the Fed which pushed the IOER and RRP by 5bps to 15 and 5bps respectively, which had a downstream effect on all short-term ...

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精彩评论

Dewert
2021-06-23
Dewert
Yikes
KS_Lee
2021-06-23
KS_Lee
This yield jump may have ramifications on the market sentiments tonight.
Jas21
2021-06-23
Jas21
Wow! Things are evolving
308e4981
2021-06-23
308e4981
Comment and like
1bcaac06
2021-06-23
1bcaac06
...
blaCkbOx
2021-06-23
blaCkbOx
Comment n like
- JoelLee:
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This was the biggest tail on the 2Y since July 2020 when the auction tailed 0.9bps.\nAnd yet today's 2Y auction wasn't all bad: the bid to cover dipped from 2.736 to 2.540 yet even so it was right on top of the 6-auction average.\nThe internals were also in line, with Indirects taking down 50.6%, below last month's 57.1% and just below the 52.4% recent average. And with Directs allotted 18.5%, slightly above the May 18.0% but below April's 18.5%, Dealers were left holding 30.9%, which was also right on top of the recent average of 31.1%.\n\nAnd while the auction was superficially disappointing, it could have been worse amid expectations that the large move higher in 2yr yields post-Fed, both as a result of the more aggressive rate hike pricing by markets and the IOER/RRP hike, would entice investors due to the new and improved carry profile of the note. 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Things are evolving","listText":"Wow! Things are evolving","text":"Wow! 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