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Latest desk notes

US economic releases go up with the σ surprise, which is how far the print landed from forecast in standard deviations, and with the measured market move that followed. Treasury auction recaps and the daily brief land the same way, published by the Helious desk the moment they happen.

ALL DESK NOTES AUCTIONS DATA FED SPEAK

20-Year Bond auction: IN LINE

Treasury auction
. $13B on offer, B/C 2.73 (avg 2.62), high 5.469%, tailed 0.9bp, indirect 58.2% (avg 65.2), direct 31.6% (avg 22.9), dealer 10.3% (avg 12.0).

17-Week (4-month) Bill auction: IN LINE

Treasury auction
. $75B on offer, B/C 2.76 (avg 2.84), high 4.155% (inv 4.271%), indirect 52.8% (avg 53.8), direct 8.3% (avg 7.9), dealer 38.9% (avg 38.2).

6-Week Bill auction: IN LINE

Treasury auction
. $95B on offer, B/C 2.74 (avg 2.88), high 3.975% (inv 4.049%), indirect 65.9% (avg 65.9), direct 5.5% (avg 4.1), dealer 28.5% (avg 30.0).

26-Week (6-month) Bill auction: IN LINE

Treasury auction
. $82B on offer, B/C 2.84 (avg 2.74), high 4.220% (inv 4.372%), indirect 65.6% (avg 61.6), direct 10.8% (avg 9.5), dealer 23.6% (avg 28.9).

13-Week (3-month) Bill auction: IN LINE

Treasury auction
. $95B on offer, B/C 2.77 (avg 2.70), high 4.095% (inv 4.195%), indirect 60.5% (avg 56.0), direct 8.0% (avg 7.5), dealer 31.5% (avg 36.6).

8-Week (2-month) Bill auction: WEAK

Treasury auction
. $105B on offer, B/C 2.26 (avg 2.83), high 4.050% (inv 4.132%), indirect 46.9% (avg 64.1), direct 5.7% (avg 5.8), dealer 47.4% (avg 30.1). WEAK demand, Bonds BEARISH.

4-Week (1-month) Bill auction: IN LINE

Treasury auction
. $110B on offer, B/C 2.56 (avg 2.77), high 4.000% (inv 4.068%), indirect 63.3% (avg 62.8), direct 5.8% (avg 4.1), dealer 30.9% (avg 33.1).

17-Week (4-month) Bill auction: IN LINE

Treasury auction
. $75B on offer, B/C 2.79 (avg 2.84), high 4.195% (inv 4.313%), indirect 54.2% (avg 53.3), direct 8.0% (avg 7.7), dealer 37.8% (avg 38.9).

6-Week Bill auction: IN LINE

Treasury auction
. $95B on offer, B/C 2.58 (avg 2.93), high 3.980% (inv 4.055%), indirect 65.2% (avg 66.4), direct 3.2% (avg 4.1), dealer 31.7% (avg 29.5).

26-Week (6-month) Bill auction: IN LINE

Treasury auction
. $82B on offer, B/C 2.76 (avg 2.72), high 4.200% (inv 4.351%), indirect 66.3% (avg 58.5), direct 10.5% (avg 9.3), dealer 23.2% (avg 32.2).

13-Week (3-month) Bill auction: IN LINE

Treasury auction
. $95B on offer, B/C 2.68 (avg 2.71), high 4.085% (inv 4.185%), indirect 59.6% (avg 54.7), direct 7.2% (avg 7.5), dealer 33.2% (avg 37.8).

30-Year Bond auction: IN LINE

Treasury auction
. $22B on offer, B/C 2.54 (avg 2.41), high 5.618%, on the screws, indirect 72.3% (avg 69.1), direct 20.9% (avg 20.6), dealer 6.8% (avg 10.3).

8-Week (2-month) Bill auction: IN LINE

Treasury auction
. $105B on offer, B/C 2.77 (avg 2.83), high 3.980% (inv 4.060%), indirect 70.3% (avg 62.0), direct 6.3% (avg 5.3), dealer 23.4% (avg 32.7).

4-Week (1-month) Bill auction: WEAK

Treasury auction
. $110B on offer, B/C 2.40 (avg 2.83), high 3.980% (inv 4.048%), indirect 57.3% (avg 64.2), direct 6.1% (avg 3.5), dealer 36.6% (avg 32.3). WEAK demand, Bonds BEARISH.

10-Year Note auction: STRONG

Treasury auction
. $39B on offer, B/C 2.77 (avg 2.54), high 5.300%, stopped through 1.7bp, indirect 80.3% (avg 74.1), direct 17.1% (avg 17.0), dealer 2.5% (avg 8.8). STRONG demand, Bonds BULLISH.

17-Week (4-month) Bill auction: STRONG

Treasury auction
. $75B on offer, B/C 3.10 (avg 2.84), high 4.105% (inv 4.219%), indirect 59.7% (avg 53.4), direct 10.1% (avg 7.2), dealer 30.2% (avg 39.3). STRONG demand, Bonds BULLISH.

3-Year Note auction: IN LINE

Treasury auction
. $58B on offer, B/C 2.62 (avg 2.65), high 4.932%, stopped through 0.2bp, indirect 57.6% (avg 65.9), direct 31.7% (avg 21.4), dealer 10.7% (avg 12.6).

6-Week Bill auction: IN LINE

Treasury auction
. $95B on offer, B/C 2.78 (avg 2.92), high 3.945% (inv 4.018%), indirect 65.4% (avg 66.3), direct 4.0% (avg 3.8), dealer 30.6% (avg 30.0).

26-Week (6-month) Bill auction: IN LINE

Treasury auction
. $82B on offer, B/C 2.79 (avg 2.76), high 4.165% (inv 4.314%), indirect 63.2% (avg 58.0), direct 10.6% (avg 9.4), dealer 26.2% (avg 32.6).

13-Week (3-month) Bill auction: WEAK

Treasury auction
. $95B on offer, B/C 2.51 (avg 2.81), high 4.050% (inv 4.149%), indirect 48.6% (avg 56.5), direct 7.2% (avg 7.6), dealer 44.2% (avg 35.9). WEAK demand, Bonds BEARISH.

8-Week (2-month) Bill auction: IN LINE

Treasury auction
. $95B on offer, B/C 2.70 (avg 2.90), high 3.990% (inv 4.071%), indirect 56.8% (avg 63.6), direct 7.1% (avg 4.6), dealer 36.1% (avg 31.8).

4-Week (1-month) Bill auction: IN LINE

Treasury auction
. $100B on offer, B/C 2.83 (avg 2.83), high 3.890% (inv 3.956%), indirect 63.9% (avg 64.5), direct 4.8% (avg 3.3), dealer 31.4% (avg 32.2).

17-Week (4-month) Bill auction: IN LINE

Treasury auction
. $75B on offer, B/C 2.89 (avg 2.91), high 4.115% (inv 4.230%), indirect 57.8% (avg 53.9), direct 6.0% (avg 7.3), dealer 36.2% (avg 38.8).

52-Week (1-year) Bill auction: IN LINE

Treasury auction
. $54B on offer, B/C 3.07 (avg 3.39), high 4.400% (inv 4.616%), indirect 70.9% (avg 66.5), direct 4.6% (avg 3.5), dealer 24.6% (avg 30.0).

6-Week Bill auction: IN LINE

Treasury auction
. $85B on offer, B/C 2.82 (avg 2.94), high 3.970% (inv 4.044%), indirect 67.2% (avg 66.0), direct 5.1% (avg 3.7), dealer 27.8% (avg 30.3).

26-Week (6-month) Bill auction: IN LINE

Treasury auction
. $82B on offer, B/C 2.64 (avg 2.81), high 4.285% (inv 4.441%), indirect 60.3% (avg 58.8), direct 9.5% (avg 9.6), dealer 30.2% (avg 31.7).

13-Week (3-month) Bill auction: STRONG

Treasury auction
. $95B on offer, B/C 2.99 (avg 2.79), high 4.110% (inv 4.211%), indirect 66.6% (avg 54.4), direct 7.1% (avg 7.6), dealer 26.3% (avg 38.1). STRONG demand, Bonds BULLISH.

7-Year Note auction: IN LINE

Treasury auction
. $44B on offer, B/C 2.42 (avg 2.49), high 5.085%, tailed 0.7bp, indirect 57.2% (avg 64.6), direct 30.3% (avg 23.3), dealer 12.5% (avg 12.1).

8-Week (2-month) Bill auction: IN LINE

Treasury auction
. $85B on offer, B/C 2.76 (avg 2.91), high 3.990% (inv 4.071%), indirect 58.8% (avg 63.2), direct 6.0% (avg 4.6), dealer 35.2% (avg 32.2).

4-Week (1-month) Bill auction: WEAK

Treasury auction
. $90B on offer, B/C 2.61 (avg 2.86), high 3.850% (inv 3.915%), indirect 46.2% (avg 66.3), direct 3.4% (avg 4.0), dealer 50.4% (avg 29.7). WEAK demand, Bonds BEARISH.

5-Year Note auction: WEAK

Treasury auction
. $70B on offer, B/C 2.21 (avg 2.33), high 5.033%, tailed 3.1bp, indirect 54.3% (avg 65.2), direct 29.9% (avg 21.8), dealer 15.8% (avg 12.9). WEAK demand, Bonds BEARISH.

2-Year FRN auction: WEAK

Treasury auction
. $28B on offer, B/C 2.63 (avg 3.21), indirect 59.1% (avg 64.2), direct 0.0% (avg 0.2), dealer 40.9% (avg 35.6). WEAK demand, Bonds BEARISH.

17-Week (4-month) Bill auction: IN LINE

Treasury auction
. $72B on offer, B/C 2.81 (avg 2.97), high 4.135% (inv 4.251%), indirect 55.1% (avg 55.1), direct 10.1% (avg 6.7), dealer 34.7% (avg 38.2).

2-Year Note auction: IN LINE

Treasury auction
. $69B on offer, B/C 2.63 (avg 2.60), high 4.787%, tailed 0.2bp (avg +0.1bp), indirect 57.8% (avg 58.6), direct 29.0% (avg 28.3), dealer 13.2% (avg 13.1).

6-Week Bill auction: IN LINE

Treasury auction
. $75B on offer, B/C 3.03 (avg 2.93), high 3.870% (inv 3.942%), indirect 66.0% (avg 66.9), direct 5.4% (avg 3.3), dealer 28.6% (avg 29.8).

26-Week (6-month) Bill auction: IN LINE

Treasury auction
. $79B on offer, B/C 2.62 (avg 2.85), high 4.155% (inv 4.303%), indirect 54.9% (avg 58.7), direct 11.7% (avg 9.1), dealer 33.4% (avg 32.2).

13-Week (3-month) Bill auction: IN LINE

Treasury auction
. $92B on offer, B/C 2.77 (avg 2.81), high 4.015% (inv 4.113%), indirect 54.1% (avg 54.9), direct 8.3% (avg 7.3), dealer 37.6% (avg 37.8).

10-Year TIPS auction: WEAK

Treasury auction
. $19B on offer, B/C 2.24 (avg 2.38), high 2.653%, tailed 1.9bp, indirect 59.1% (avg 63.4), direct 28.7% (avg 24.4), dealer 12.2% (avg 12.2). WEAK demand, Bonds BEARISH.

8-Week (2-month) Bill auction: IN LINE

Treasury auction
. $85B on offer, B/C 2.94 (avg 2.88), high 3.920% (inv 3.999%), indirect 62.4% (avg 61.9), direct 4.8% (avg 4.8), dealer 32.8% (avg 33.3).

4-Week (1-month) Bill auction: IN LINE

Treasury auction
. $90B on offer, B/C 3.02 (avg 2.80), high 3.820% (inv 3.885%), indirect 69.9% (avg 64.0), direct 3.1% (avg 4.2), dealer 27.0% (avg 31.9).
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