US set to sell $69 billion in two-year notes ...Middle East

The front end is for sale today and this will be the first auction in awhile where the US Treasury can borrow at that tenor for less than 4%. Last month, 2s sold for 4.43% and today, we're likely to track below 3.95%.The last sales below 4% were in March/April 2023 on worries about US regional banks.Look for solid bids as BMO notes that only one 2-year auction has tailed over the past year, and only by 0.4 bps. Last month, there was a 2.5 bps sto through, which was the largest since 2009 and proved to be wise as 4.43% certainly isn't available today.The bear case is that yields have moved down too quickly and aren't yet justified with Fed funds still at 5.25-5.50%."On net, we're biased for s

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Last updated : 27 August 2024 clock 07:21 PM

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US set to sell $69 billion in two-year notes ...Middle East

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