Yields are going higher - the 5 was under the 2 - the 10 yr 2.74 was only one Fed hike away from inversion and the 2 was 8 pips away from the Fed Funds level // meanwhile the real rate was negative out to the 10
The Fed was responsible for turmoil because it ignored the market and hiked - OR the President was responsible because he wanted to fire the guy who raised the rates that upset the market which would result in lower rates next year - OR (fill in other usual suspects)_____________
dc CB 18:45:14 GMT - 12/26/2018
Two days after a very ugly 2Y Treasury auction on Monday (which preceded a flash crash in 2Y yield just ahead of the bond market closure on Christmas Eve), which prompted us to note that "the bond market is sending a worrying signal", moments ago the Treasury sold $41 billion in 5Y notes in what could only be called an abysmal auction as the bond market has just sent an even more worrying signal.
The auction, which priced at a high yield of 2.652%, or 23 bps below the November auction's 2.88%, tailed the When Issued by a massive, if not record 2.3bps, the widest tail going back for over 3 years.
Mon 27 May 2019 AAGB/US- Holiday Tue 28 May 2019 A 14:00 US- Consumer Confidence C 13:00 US- Case-Shiller Wed 29 May 2019 A 08:55 DE- Employment AA 18:00 US- BOC Decision A 18:30 US- EIA Crude Thu 30 Mar 2019 AAEZ/CH- Holiday A 12:30 US- Weekly Jobless Fri 31 Mar 2019 AA 10:00 EZ- Flash HICP A 12:30 US- Personal Income, Spending, Deflator AA 14:00 US- Final Univ of Michigan
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