The note auction hit the tape at 3.448%, Indirect bidders took 34.9%, and the issue produced a 4.3 bps tail. Give this one a C with most Professors wanting to give it a D for Dog. Expectations were for something much better so this has sideswiped the credit markets. Currently we are trading fast money conditions with the 10 year note down 12/32’s (yield 3.44%), mortgage backs off 9/32’s, and stocks off 4 points. Unless we get a rebound quickly, a price change for the worse will be in vogue.
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