Fixed income

A measure of daily yield swings is at its highest in a year as traders position for further losses that could send 10-year yields as high as 4.5% over the next three weeks.

Yields across maturities rose at least four basis points, reaching the highest levels in more than two months, after the monthly auctions of two- and five-year Treasury notes both drew higher-than-anticipated yields.

Buybacks of Treasuries that are infrequently traded relative to its newest, or "on the run," notes and bonds, are intended to support market resilience by creating opportunities for dealers to offload them.

Traders are pricing in roughly 20% odds that the Fed holds rates steady in either November or December.

Five-year notes were the worst performer among Treasury benchmarks, with yields rising by more than 5 basis points, though all rose by at least 4 basis points.

There's been a marked change in trading volume over the past four years at that time as well as a drop in transaction costs that coincide with the growth of passive funds that track index changes.

First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.

First-half net trading revenue rose 81% to $4.9 billion from the same period a year earlier at Citadel Securities, and gained 78% to $8.4 billion at Jane Street.

Treasuries have returned 1.7% this month through Aug. 28, on pace for a fourth straight monthly gain, according to the Bloomberg US Treasury Total Return Index.

In the run-up to Powell's Jackson Hole speech, Treasuries tumbled across the US curve, with the move led by shorter maturities.