US sells USD 39bln of 10-year notes; Stop through 1.5bps
Newsquawk Staff ·
- Tail: -1.5bps (prev. 0.1bps, six-auction average 0.1bps)
- High Yield: 4.834% (prev. 4.683%, six-auction average 4.461%)
- B/C: 2.71x (prev. 2.53x, six-auction average 2.50x)
- Dealer: 4.31% (prev. 8.6%, six-auction average 10.2%)
- Direct: 16.51% (prev. 14.7%, six-auction average 16.4%)
- Indirect: 79.18% (prev. 76.7%, six-auction average 73.4%)
- Fed's Logan (2026 voter, hawk) says Fed needs at least two more 25bp rate hikes
- Fed’s Musalem says it’s vital that the public understands how the central bank thinks and acts; monetary policy works better when the public understands it; communication isn’t necessarily the same as forward guidance
- Fed’s Musalem (2028 voter) says moving sooner with rate hikes lessens risk of a hit to the broader economy; inflation still too high and unlikely to ease without Fed action; best thing the Fed can do now is restore price stability
- ECB Chief Economist Lane says AI-related price pressures are visible, but the effect on headline inflation is limited
- Fed's Daly (2027 voter) says AI really matters for how they think about policy in near and medium term and AI matters to price stability and employment mandates
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