(USTs lower, slightly steeper on light volumes)while WE slept; 5y breaks breakin'; equities mea culpas; steepner; GDI; like bonds then BUY STOCKS
thebondbeat.substack.com
Good morning … Rates have been grinding higher since I left (Wed) and that was NOT viewed as ‘concession’ with regards to yesterday’s 2yr auction. ZeroHedge: Tailing 2Y Auction Prices At Highest Yield Since 2007 … The internals were also above average, if hardly spectacular, with Indirects taking down 65.5%, below last month's 68.5% but above the 63.0% recent average; and with Directs taking down 20.8%, or the most since March, and just above the six-auction average of 19.9%, Dealers were left with an award of 13.8%, the most since May.
(USTs lower, slightly steeper on light volumes)while WE slept; 5y breaks breakin'; equities mea culpas; steepner; GDI; like bonds then BUY STOCKS
(USTs lower, slightly steeper on light…
(USTs lower, slightly steeper on light volumes)while WE slept; 5y breaks breakin'; equities mea culpas; steepner; GDI; like bonds then BUY STOCKS
Good morning … Rates have been grinding higher since I left (Wed) and that was NOT viewed as ‘concession’ with regards to yesterday’s 2yr auction. ZeroHedge: Tailing 2Y Auction Prices At Highest Yield Since 2007 … The internals were also above average, if hardly spectacular, with Indirects taking down 65.5%, below last month's 68.5% but above the 63.0% recent average; and with Directs taking down 20.8%, or the most since March, and just above the six-auction average of 19.9%, Dealers were left with an award of 13.8%, the most since May.