7yr auction results - Issue stopped 2bps behind the auction deadline quote at a 2.394% yield, bid to cover of 2.78 as compared to an average cover of 2.86. Indirects took just 42.3% of the issue vs 51% last month. Overall the auction was given about a C+ grade. So much for expectations.
Stocks have gained a little ground, now only down 40. Mtg backs dipped off the auction results but now are back up 5s. 10yr is up a tick trading 2.99%
Austin mortgage borrowers are advised to stay a little on the defensive side until we get further confirmation that the market is headed back to those July highs.
Have a great afternoon!
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