CITIGROUP strategist Jason Williams said in a note U.S. Treasures may get a
breather this week, but absent a clear drop in oil prices he sees no obvious
catalyst for a sustained Treasury rally. He said the short end has repriced
sharply over the past month to levels not seen since the 1990s, leaving
valuations potentially stretched. Williams flagged Treasury supply as a partial
driver of last week’s selloff and noted there are no U.S. Treasury auctions this
week. He added that in 2026 weeks with Treasury auctions have tended to see
larger selloffs than weeks without new issue.
