US 30-Year Bond Auction Falters Amid ICBC Cyberattack Impact on Macro Markets👀

Now back on our regular scheduled programming, macro markets certainly don't make it easy do they?A low-volume, quiet-moving day was punctured by yet another terrible 30yr bond auction just as the market was starting to subscribe to the dovish pivot narrative. US treasuries yields jumped by 20bp in the long-end, with issues actually started late Wednesday as ICBC, China's largest bank by assets held, was hit by a cyberattack which prevented it from clearing large volumes of trades and forcing clients to reroute transactions last minute. The clearing issues prevented market makers from temporarily trading with customers that cleared through ICBC, and thereby likely eliminating a large subset of investors from trading, which likely added to the volatility behind today's poor auction results.

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