(USTs are 'quietly bull steepening' on light volumes)while WE slept; Gundlach WARNS, a Volcker like tightening, global trade SLOWS, rate CUTS 'round the corner...
(USTs are 'quietly bull steepening' on light volumes)while WE slept; Gundlach WARNS, a Volcker like tightening, global trade SLOWS, rate CUTS 'round the corner...
thebondbeat.substack.com
Good morning … 2s and 5s down … Strong 5Y Treasury Auction Stops Through As Nosebleeding Rates Vol Dips … The bid to cover of 2.48 was unchanged from last month and was just above the six-auction average of 2.45. The internals were also solid, with Indirects awarded 68.5%, below last month's 70.0% but above the recent average of 67.3%; and with Directs taking down 18.2%, also above the 17.7% average, means Dealers were left holding 13.3%, the most since December if below the recent average of 15.0%.
(USTs are 'quietly bull steepening' on light volumes)while WE slept; Gundlach WARNS, a Volcker like tightening, global trade SLOWS, rate CUTS 'round the corner...
(USTs are 'quietly bull steepening' on light…
(USTs are 'quietly bull steepening' on light volumes)while WE slept; Gundlach WARNS, a Volcker like tightening, global trade SLOWS, rate CUTS 'round the corner...
Good morning … 2s and 5s down … Strong 5Y Treasury Auction Stops Through As Nosebleeding Rates Vol Dips … The bid to cover of 2.48 was unchanged from last month and was just above the six-auction average of 2.45. The internals were also solid, with Indirects awarded 68.5%, below last month's 70.0% but above the recent average of 67.3%; and with Directs taking down 18.2%, also above the 17.7% average, means Dealers were left holding 13.3%, the most since December if below the recent average of 15.0%.