US Kansas City Fed Manufacturing Index — Indicator 1.71
The Kansas City Fed Manufacturing Index is a monthly survey-based diffusion index tracking business conditions in the Federal Reserve’s Tenth District, which covers a large swath of the US “heartland” (energy, agriculture, and heavy industry: parts of Colorado, Kansas, Nebraska, Oklahoma, Wyoming, northern New Mexico and western Missouri). It aggregates firms’ responses on production, new […]
US 2-year Treasury Note Auction — Indicator 1.72
The US 2-year Treasury Note Auction (indicator 1.72) is the primary market sale of new 2-year US government debt. It sets the coupon and, more importantly, the stop-out yield at which the market is willing to fund the US government for two years. Traders watch the stop-out yield versus the pre-auction “when-issued” (WI) yield, the […]
US 5-year Treasury Note Auction — Indicator 1.73
The 5-year Treasury Note Auction is the US Treasury’s regular sale of new 5-year government debt. It doesn’t measure “activity” like a PMI or CPI; it reveals the price and demand for intermediate-maturity US government bonds. The key outputs are the stop-out yield (the yield at which the auction clears), the bid-to-cover ratio (how much […]
US 10-year Treasury Note Auction — Indicator 1.74
The 10-year Treasury Note Auction is the primary issuance of the US government’s benchmark medium-to-long maturity bond. It sets the “stop-out yield” at which the Treasury successfully sells a new batch of 10-year notes to the market. This sits in the core of the rates complex alongside the 2-year and 5-year note auctions (1.72, 1.73) […]
US 30-year Treasury Bond Auction — Indicator 1.75
The 30-year Treasury Bond Auction (indicator 1.75) is the US government’s primary issuance of ultra-long-dated debt. It sets the marginal price for the 30-year “risk-free” rate, which anchors the very long end of the US yield curve. This matters for pension liabilities, insurance balance sheets, long-duration mortgages, infrastructure financing, and equity valuation models that discount […]