Treasury Auctions (5,7,10,20,30 year)
Yesterday’s 10-year Treasury Note auction didn’t go as well as hoped. The benchmarks showed average and below average demand for the securities. Fortunately, the bond market did not have a negative reaction to the results. However, yesterday’s sale prevents us from being too optimistic about today’s 30-year Treasury Bond auction. If today’s sale draws the same level of interest as yesterday’s auction, we may see bonds weaken and mortgage rates move slightly higher this afternoon.