The Treasury auction schedule kicks off at the top of the hour
Bond yields have climbed higher today and one theory is that it's a supply concession. Some evidence for that is the uniformity of the rise in yields across the curve -- up 4 bps.
We start at the front end with 3s today, 10s tomorrow and 30s on Thursday.
Benchmark 3s are trading at 0.4286%.
I wouldn't expect an FX market reaction to this sale but it's worth keeping an eye on as it appears the bond market is steering everything else today.
Only one of the last seven 3-year auctions has tailed with an average result of a 0.2 bp stop through.
