The US Treasury sold $20 billion in 20-year bonds at 3.909% compared to 3.906% in the WI market ahead of the sale. That’s slightly less demand than anticipated but there hasn’t been any additional selling in the bond market since. Note though that yields remain near the highs of the day after a dip midway through trading.
Fed funds probabilities are at 82% for 25 bps tomorrow, up about 3 pp during US trading as some calm returns.
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