Expect further price changes for the worse as the 10 year note is currently down 13/32’s (3.75%) and MBS down a smooth 10/32’s.

The 10 year note auction crossed the tape at 3.736% with a bid to cover of 2.49 to 1.0.  Indirect bidders (foreign central banks, etc.) took 45.7%.  Overall, not a bad auction with the “street” giving it a grade of B.  Traders however are not in love with it as MBS and the 10 year note are doing the tango, dipping in unison before the FOMC.  Expect further price changes for the worse as the 10 year note is currently down 13/32’s (3.75%) and MBS down a smooth 10/32’s.  More in a few.

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