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June 12, 2017 By Peter Boockvar

After good 3 yr, 10 yr auction mediocre

After a good 3 yr note auction, the 10 yr auction was much more mixed. The yield of 2.195% was above the when issued of about 2.19% but the bid to cover of 2.54 was above the one year average of 2.44. Dealers got stuck with 29% of the auction which is exactly the average of the previous 12 months.

Bottom line, we can call this auction a ‘nothing burger.’ I’ll make sure never to use that phrase again but I unfortunately can’t get it out of my head after hearing it last week after Comey spoke. After a good 3 yr and a mediocre 10 yr one would think we’d see some steepening in the curve but not the case today. The 2s/10s spread is back down at the multi month lows at 84.5 bps. Again, the market is sniffing out that the Fed is hiking rates into a mediocre economy with one of the most interest rate sensitive sectors, autos, that is now entering a recession.

 

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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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