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September 28, 2017 By Peter Boockvar

Cheaper 7 Year Brings Out the Buyers


We finally got a good Treasury auction as buyers took advantage of the sharp selloff over the past 3 days. The 7 yr auction yielded 2.13%, about 1 bp below the when issued. The bid to cover of 2.70 was above the one year average of 2.53. Also of note, direct and indirect bidders took 90% of the deal vs the previous 12 month average of 79%.

Bottom line, I’m going to chalk up this solid auction to the recent cheapening which made it that much more attractive. The 7 yr yield sits at a 2 month high. In response, the 10 yr yield is back to unchanged on the day at 2.31% after touching 2.34% this morning. The short end has also bounced too with the yield down at 1.45-.46%. With respect to rate hike odds in December, they stand at 66%. On hopes for tax reform and the potential growth boost, the 2s/10s spread is at a one month high but at 85 bps it still stands well below the post election peak of 136 bps back in December. Any messaging there? I believe so.

Screen Shot 2017-09-28 at 11.25.12 AM


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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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