Macro and Government Bond Commentary: Yields mildly lower, SDL auction outcome along expected lines • The 10Y benchmark (6.79 GS 2034) opened little changed at 6.70% despite a fall in treasury yields overnight (on global risk aversion amid renewed fears of a recession in the US). Yields traded with a mildly upward bias until noon, though this upside reversed in the afternoon session. This was after SDL auction results came along expected (despite heavy supply). The 10Y point closed trade at 6.69% vs 6.70% prev.
