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August 13, 2020 By Peter Boockvar

Poor 30 yr auction, longer term yields at high of day

Longer term interest rates are moving to the high of the day after a poor 30 yr bond auction. The yield of 1.406% was a full 2 bps above the when issued. The bid to cover of 2.14 was the lowest since July 2019 and well below the one year average of 2.35. Dealers got stuck with 28% of the supply, the most since July 2019.

In response, the 10 yr yield is now just below .70% while the 30 yr yield is higher by 3 bps and up by 20 bps in just the last 5 trading days to the highest since early July at 1.40%. Long duration is at risk here I believe.  

Not helping the demand for very long term bonds is the continued rise in inflation expectations in the TIPS market.

30 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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