Rates Spark: A Triple Tail In The U.S.
2025-08-07 15:52:00 ET
By Michiel Tukker & Padhraic Garvey, CFA
Another auction miss in US - 3 in a row have tailed now
The US 30yr auction saw a 2bp tail (effectively a concession to implied secondary market levels), which price-wise, on account of its duration, is the most impactful auction miss of the week. Three auctions have tailed in a row this week, which is quite something. It suggests a degree of discomfort on where the curve is currently pitched; a message from the auctions that the curve should be higher. And based off the 30yr auction, steeper too. All three of the auctions this week have managed to take the shine off the bond positive impulse that we had post last Friday's payrolls report....
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Rates Spark: A Triple Tail In The U.S.
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