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US bond yields changed direction after more than expected interest in a $16 billion auction of 20 year Treasuries. NAB’s Rodrigo Catril said markets were expecting less appetite for the market to absorb this new issuance.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 21st November 2023
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There was a big 20-year Treasury auction today, which went better than expected. NAB’s Rodrigo Catril says markets had assumed a flood of new issuance in a short week would suppress demand, but that wasn’t the case. Elsewhere, the overseas Yuan hit its highest level since early September. More positive sentiment from China is helping lift iron ore prices further, which is positive for the Australian dollar. Two sets of minutes are out in the next 24 hours – from the RBA and the FOMC. The Fed minutes were quickly outdated by the softer than expected inflation data in the US.
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