Beth Stanton

@business editor for US interest rates. Monitoring Treasuries, futures, TIPS since 1997. [email protected]. Opinions mine & @compostmaven’s.

[Beth Stanton @beth_stanton]

We sent some headlines this week

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower (with oil prices) by 2bp-5bp. Curve steeper. Next week's auction sizes at 11am: $58b 3Y new issue, $39b 10Y & $22b 30Y reopenings (1st) projected. Buyback (cash management) of up to $12.5 billion in 1M-2Y sector closes at 2pm.

[Beth Stanton @beth_stanton]

Fun with @TheTerminal news search:

N "TRUMP" "IRAN" "FINAL" HEADS BBG <GO>

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields higher with oil prices by 3bp-4bp, inside weekly ranges & trailing steeper yield increases in most European & Japanese govt bond markets. 5s30s at 78bp is flattest in a year. Buyback (liquidity support) of up to $2b in 20Y-30Y sector closes at 2pm.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower with oil prices by 2bp-3bp, trailing steeper yield declines in most European bond markets. 10Y & 30Y touched lowest levels since mid-May, with 30Y below 50-day average level for first time since March. Coupon auctions resume with 3Y on June 9.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields higher with oil prices by 1bp-3bp. Friday's rally, capping market's best week since February, included lowest yields since mid-May. May index return 0.11%, YTD 0%. $199b coupon settlement ($68b net). Coupon auctions resume with 3Y on June 9.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields little changed, off session lows including lowest 30Y since May 11 (4.96%), thisclose to 50-day average (above it since mid-March). Month-end index rebalancing at 4pm to extend duration by estimated 0.10yr. Coupon auctions resume with 3Y on June 9.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields higher by 1bp-3bp, off session highs reached concurrently with oil prices. New 5Y 4.21% vs Wednesday's 4.182% auction stop. $44b 7Y auction at 1pm has WI yield near 4.35%, last exceeded in Jan 2025 auction. Long TIPS buyback (up to $500m) closes at 2pm.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields narrowly mixed with curve flatter, off session lows reached amid oil price drop & gains for European bonds. New 2Y 4.045% vs Tuesday's 4.071% auction result. $70b 5Y auction at 1pm has WI yield near 4.18%, last exceeded in Jan 2025 auction.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower (with oil) by 6bp-8bp (30Y holding just above 5%) near session lows, having gapped down when trading resumed in Asia after Monday's US holiday. $69b 2Y auction at 1pm has WI yield near 4.06%, last exceeded in Feb 2025 auction.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower by about 1bp, led by European bond markets. June options expire. @SIFMA recommends 2pm close for USD bonds. Indexes price at 1pm, when CME interest-rate futures settle. 2Y/5Y/7Y auctions ahead next Tues/Weds/Thurs after Memorial Day. 🇺🇸

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields higher with oil prices, by 1bp-4bp. $19b 10Y TIPS reopening (2nd) at 1pm. WI yield ~2.14% exceeds auction results since year ago. Next week's auction sizes at 11am: $69b 2Y, $70b 5Y, $44b 7Y projected. Buyback of up to $4b in 5Y-7Y sector closes at 2pm.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower with oil and UK yields, by 2bp-4bp inside Tuesday's ranges. $16b 20Y new-issue auction at 1pm has WI yield near 5.175%, exceeding all but one previous result (5.245% in October 2023) since 20-year issuance resumed in 2020.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields higher by 2bp-3bp inside Monday's ranges, which included highest 2Y, 5Y & 10Y since Feb 2025, highest 30Y since Oct 2023. Buyback of up to $4b in 3Y-5Y sector closes at 2pm. Ahead this week: $16b 20Y new issue Weds, $19b 10Y TIPS reopening (2nd) Thurs.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower by less than 2bp, off session highs including highest 2Y, 5Y & 10Y (4.63%) since February 2025, highest 30Y (5.16%) since October 2023. Ahead this week: $16b 20Y new issue Wednesday, $19b 10Y TIPS reopening (2nd) Thursday.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields higher by 3bp-6bp with oil & surging UK yields. 2Y & 5Y touched highest levels in more than a year. Curve steeper. $125b coupon settlement ($41.7b net). Auctions ahead next week: $16b 20Y new issue Weds, $19b 10Y TIPS reopening (2nd) Thurs.

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields lower by 1bp-3bp inside Wednesday's selloff ranges, which included YTD highs for 5Y-30Y. New 30Y 5.02% vs 5.046% auction result (first over 5% since 2007). Next week's auction sizes at 11am: $16b 20Y new issue, $19b 10Y TIPS reopening (2nd) projected.

[Beth Stanton @beth_stanton]

Normally I post this right after the auction, not the next morning. I won't make that mistake again. Please vote!

[Beth Stanton @beth_stanton]

Please welcome your new 10-year note, paying 4.375% a year until May 2036! A $42b single issue that will grow to $120b over the next two months. What will the coupon be on the NEXT new 10-year (the Aug 2036)?

[Beth Stanton @beth_stanton]

#TreasuriesToday: Yields little changed, new 10Y 4.465% vs 4.468% auction result. This week's auctions conclude with $25b 30Y new issue at 1pm. WI yield near 5.025% points to 5% coupon, first since 2007. Buyback of up to $750m of short TIPS closes at 2pm.

[Beth Stanton @beth_stanton]

Please welcome your new 10-year note, paying 4.375% a year until May 2036! A $42b single issue that will grow to $120b over the next two months. What will the coupon be on the NEXT new 10-year (the Aug 2036)?

[Beth Stanton @beth_stanton]

The new 10Y note to be sold via $42b auction at 1pm (the May 2036) appears (WI yield 4.46%) headed for a coupon of 4.375% vs 4.125% for the current (the Feb 2036). That issue has been as cheap as 4.48% (March 27) and as rich as 3.94% (Feb. 27).

[Beth Stanton @beth_stanton]

Please welcome your new 10-year note, paying 4.125% a year until February 2036! A $42b single issue that will grow to $120b over the next two months. What will the coupon be on the NEXT new 10-year (the May 2036)?