Quick subscriber only update but first let’s take a look at today’s US yield curve action as the steepening trade took a little breather as yields were higher across the board:
We also had a new 2Y auction today, went well with good foreign demand despite the $3Bn upped size to $66Bn and we have another $208Bn this week highlighted by $67Bn in 5s tomorrow and 7s on Wednesday.
We also wanted to post the RRP data, which has stalled out on the outflows and sits at $474Bn today, so money continues to hold within the program…maybe not a good sign for risk assets, if we start to see this thing climb again, it could be a sign of investor risk appetite waning:
