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Strong Auction No Match For Bond Bears; Highest Rates Since April

Strong Auction No Match For Bond Bears; Highest Rates Since April

Strong Auction No Match For Bond Bears Today's 7yr auction was the biggest potential source of volatility for the bond market. After it came out with relatively strong stats, we were treated to a logical rally. Unfortunately, that rally was very small, very brief, and it occurred only after yields had already drifted up several bps on the day. The net effect is an auction reaction that gets lost in the shuffle, easily overwhelmed by the broader bearish trend. In the final hour, 10s are up 5bps at 1.68+ and MBS are down more than a quarter of a point. Econ Data / Events Fed MBS Buying 10am, 11:30am, 1pm Markit PMI - Manufacturing 59.1 vs 58.4 prev - Services 57.0 vs 58.7 prev Market Movement Recap 09:13 AM Bonds moved slightly weaker overnight with Europe leading the way. 10yr yield up 1.2 bps
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