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12.01.26 - 20:24
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10Y Auction Stops Through In Solid Start For 2026 Treasury Sales (ZeroHedge)
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10Y Auction Stops Through In Solid Start For 2026 Treasury Sales
Shortly after a solid 3Y auction, the first of the year, priced just through the WI by 0.1bps, moments ago we got the first sale of benchmark 10Y paper for 2026 in what was another solid auction.
Today's sale of $39BN in 10Y paper priced at 4.173% just after 1pm ET. This was barely changed from the 4.175% in December in what appears to be duration paralysis. And with the When Issued trading at 4.180%, the auction stopped through the WI by 0.7bps, this was the strongest 10Y auction since September.
More paralysis: the bid to cover was 2.554, virtually unchanged from last month's 2.550, and just above the six-auction average of 2.51. As one can see in the chart below, we are now about a decade into the BtC being within 10-20bps of 2.50% in what may be the biggest autopilot trade in the US.
Turning to the internals, Indirects took down 69.7% of the auction, just a hair below last month's 70.2% (and just above the 69.5% recent a...
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12.01.26 - 19:24
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US bond markets should be in revolt. Fed independence matters (The Guardian)
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It is a perilous time to mess with the principle that rate-setters under an independent system should be free of political pressureEx-Fed chairs condemn Trump's bid to weaken central bank's independenceTrump's attempts to influence Fed risk '70's-style inflation and global backlash'Well said, Jerome Powell. The chair of the US Federal Reserve responded to news of a subpoena from the US Department of Justice with a statement that was extraordinary, necessary and stark.A criminal investigation into the Fed, and him personally, over the renovation of the central bank's headquarters is an attempt to bully officials into setting policy according to the president's whims, said Powell: “This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether instead monetary policy will be directed by political pressure or intimidation.” Continue reading......
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12.01.26 - 18:54
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Eon begibt Anleihen über 1,6 Milliarden Euro (Dow Jones)
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DOW JONES--Eon hat sich am Anleihemarkt frisches Geld besorgt. Wie der Energieversorger mitteilte, hat er zwei Anleihen im Wert von 1,6 Milliarden Euro begeben. Eine Anleihe im Volumen von 750 Millionen Euro hat eine Laufzeit von acht Jahren und ist ......
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12.01.26 - 18:01
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Bonds Will Remain Range-Bound: Berro (Bloomberg)
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Kelsey Berro, Fixed Income Portfolio Manager at JPMorgan Asset Management, discusses the Justice Department serving subpoenas to the Federal Reserve and why bond markets will remain range-bound due to fundamentals. She speaks to Bloomberg's Jonathan Ferro and Lisa Abramowicz on 'Surveillance.' (Source: Bloomberg)...
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12.01.26 - 17:57
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Deutsche Anleihen legen zu (DPA-AFX)
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FRANKFURT (dpa-AFX) - Die Kurse deutscher Staatsanleihen sind am Montag gestiegen. Nachdem sie sich bis zum Mittagshandel kaum bewegen hatten, kletterten sie im Nachmittagshandel in die Gewinnzone. Der richtungweisende Euro-Bund-Future legte um 0,17 Prozent ......
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12.01.26 - 17:31
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US-Anleihen geben etwas nach - Druck auf US-Notenbank (DPA-AFX)
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NEW YORK (dpa-AFX) - Die Kurse von US-Staatsanleihen sind am Montag leicht gesunken. Die jüngste Eskalation im Streit um die Unabhängigkeit der Fed zeigte bei den Festverzinslichen nur wenig Wirkung. Der Terminkontrakt für zehnjährige Papiere (T-Note-Future) ......
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