20-Year Bond Auction up Next — TradingView News

Auction of $13B reopened 20Y notes at 13:00ET will be interesting. Current issue trading around 4.945%. Yield been as low as 4.44% in April and as high as 5.13% in May. Last week it was at 5.02%. Issue has a few negatives: 1) Is reopening and not hot maty; 2) Rise in yield on JGBS creates competition; 3) Dollar weak and some not enamored with US policies; 4) Investors could keep powder dry for early Aug refunding of 3s, 10s, 30; 5) Fed meets July 29-30; 6) While fine to claim belief there will be a “shadow Fed” regime in place soon that will lead to lower rates, Fed Powell term is not up til May 2026 — a long term bet if ever saw one. That said, US economy holds in well and inflation is not a big deal yet. As tariff deals evolve, tho, markets will be on alert for evidence of corps eating tariffs or signs that there soon will be pass thru. It is also worth noting that current 20Y sold in mid May at yield of 5.047%. The issue yield…