Currently, the street is showing its dissatisfaction as the 10 year note is off 8/32’s and MBS off 3/32’s

The 40 billion dollar auction package of 3 year notes spit the bit with below average results.  Yield hit the tape at 1.377% with an ugly 1.8 bps tail (big cat).  Bid to cover was 2.83 to 1 (average 3.0 to 1) and Indirect bidders took 51% (close to average).  The only positive I can see is that foreign interest (Indirect bidders) took their fair share.  But that should be expected as Greece slides into the ocean.  Give this baby a C.  Currently, the street is showing its dissatisfaction as the 10 year note is off 8/32’s and MBS off 3/32’s.  No rest for the wicked.

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