The US cash bond market is closed on Wednesday for Veterans Day while equity markets trade normally, so Tuesday’s post-CPI levels stand untested in cash until Thursday: this site’s market tables closed the ten year at 4.98 percent, up 11.9 basis points, the five year at 4.81 percent, up 14.8 basis points, and the 30 year at 5.35 percent, up 9.4 basis points. Rate futures traded through the holiday.
The Treasury’s scheduled liquidity support buyback runs on Thursday at 1:40 p.m. Eastern: up to 750 million dollars of Treasury inflation-protected securities in the 1 year to 10 year maturity bucket, with 28 issues eligible and settlement on November 13. The operation was covered in full on this site on November 10 when it was scheduled; offered and accepted amounts are published after it runs.
India’s weekly treasury bill auction cleared in full on Wednesday. The Reserve Bank of India accepted the entire notified amounts, 8,000 crore rupees of 91 day bills at a cut-off yield of 5.8681 percent, 8,000 crore of 182 day bills at 6.5183 percent, and 7,000 crore of 364 day bills at 6.6394 percent. The results land a day before India’s October consumer price index, due Thursday November 12: a Reuters poll of 36 economists put the median forecast at 5.93 percent, up from 5.54 percent in September, while a Financial Express poll of 11 economists expected 6.1 percent, which would breach the top of the Reserve Bank’s 2 to 6 percent tolerance band for the first time since October 2024.
The US selloff kept travelling through Asia on Wednesday. South Korea’s benchmark three year government bond yield rose 8.9 basis points to 3.716 percent by late morning in Seoul and the ten year rose 7.1 basis points to 3.921 percent, Infomax reported, as traders tracked the double digit overnight rise in US yields and the hawkish Federal Reserve commentary that followed the CPI print. Japan and Australia’s moves in the same session are covered in today’s updated CPI story.