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August 12, 2020 By Peter Boockvar

10 yr auction pretty good

With the 10 yr note yield microscopic but at the highest level in 5 weeks, the 10 yr auction was pretty good. Positively, the yield of .677% was a hair under the when issued and direct and indirect bidders took about 80% of the auction, matching the most since April 2019. The fly though was the bid to cover of 2.41 which was slightly below the one year average of 2.45.

Bottom line, this week saw the first 6 handle on a 10 yr Treasury since July 27th and notwithstanding the hot CPI print that was enough to bring out some buyers. After touching .69% right after that CPI number hit the tape, the 10 yr yield has backed off to .66% after the auction.

The 10 yr inflation breakeven is higher by 2 bps to 1.64% after touching almost 1.67% this morning. The 5 yr breakeven is higher by 3.6 bps to 1.54% after to reaching 1.575% earlier.

If we do see continued higher inflation prints in the coming months/quarters and long rates do rise, will the Fed back off from QE because of that higher inflation or will they instead fight the rise in yields? Will be interesting quandary if it were to happen.

10 yr yield

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About Peter

Peter is the Chief Investment Officer at Bleakley Advisory Group and is a CNBC contributor. Each day The Boock Report provides summaries and commentary on the macro data and news that matter, with analysis of what it all means and how it fits together.

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Disclaimer - Peter Boockvar is an independent economist and market strategist. The Boock Report is independently produced by Peter Boockvar. Peter Boockvar is also the Chief Investment Officer of Bleakley Financial Group, LLC a Registered Investment Adviser. The Boock Report and Bleakley Financial Group, LLC are separate entities. Content contained in The Boock Report newsletters should not be construed as investment advice offered by Bleakley Financial Group, LLC or Peter Boockvar. This market commentary is for informational purposes only and is not meant to constitute a recommendation of any particular investment, security, portfolio of securities, transaction or investment strategy. The views expressed in this commentary should not be taken as advice to buy, sell or hold any security. To the extent any of the content published as part of this commentary may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. No chart, graph, or other figure provided should be used to determine which securities to buy or sell. Consult your advisor about what is best for you.

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