US Treasuries Stumble Again Amidst Weak Overseas Action🤔
After a short reprieve, US treasuries wilted again yesterday on weaker overseas action, strong housing data, and yet another terrible (5yr) auction result. A strong German IFO print and Gilt supply bear-steepened the treasury curve in the early session, and heavy futures volume into light liquidity (~60% of monthly average) bear steepened the treasury curve early on. Risk off-pressures accelerated in the NY session with gold closing above $1980 despite higher yields, and crude oil reversing bouncing nearly 4% to erase early losses.

US data exceptionalism continued with New Home Sales Data that continues to defy doubters, rocketing +12.3% to the fastest pace since early 2022 and topping all Wall Street estimates. Existing inventory also fell to the lowest levels since Feb 2022, causing a squeeze on home prices despite the sky high mortgage financing levels. Bank of Canada added fo the bond misery with their "hawkish hold" meeting, stating that “the Governing Council remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy rate further if needed”. Finally, an increasing media chorus worrying about the ballooning deficit is creating concerns over the upcoming November UST Refunding something, as we have alluded to over the past month, adding to the list of yield pressures that appear to be running away from the Fed's control.
#USTreasuries #OverseasAction #DeficitConcerns #YieldPressure #FedControl

( #OndoFinance )

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📈 Tokenized U.S. Treasuries and RWAs Reach Record Growth

According to Binance Research, the market value of on-chain Real-World Assets (RWAs), excluding stablecoins, has surged past $12 billion.
This growth is driven by increasing investor demand for tokenizing traditional assets like real estate, bonds, and stocks.

Notably, tokenized U.S. Treasury products have seen major traction, surpassing $2.2 billion in market value, with industry giants like BlackRock and Franklin Templeton leading the way.

This boom is fueled by high U.S. interest rates, making Treasuries an attractive investment. However, if the Fed cuts rates, demand for tokenized Treasuries could slow down. 🏦

Stay informed on this rapidly growing space! 🚀

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