Eleven Sessions, Not Nine — and It Reopened on the Day the 30-Year Was Auctioned
Yesterday we said the 20s/30s inversion was nine sessions old and that we could not read the 2–11 September window.
We can now. The gap first appeared on 4 September, closed on the 9th, and reopened on 10 September — the day the 30-year was auctioned. Eleven consecutive sessions, widening to 6bp. The auction-concession explanation does not survive 15 September.