The 2 yr note auction was good with a yield of 1.601% vs the when issued slightly higher. Also, the bid to cover of 2.63 was above the one year average of 2.58 and direct and indirect bidders took the most of any 2 yr auction since May 2016 leaving dealers with the least since then. Bottom line, we know the Fed is not raising rates anytime soon and if anything …
[Read more...] about 2 yr auction good/If only the 10 yr can talk