It is most incredible that in one of the largest weeks for sales of treasury securities in memory that the 10 year treasury is falling in yield.
The treasury is selling near $300 billion in securities this week and it is almost inconceivable that interest rates are falling. Are there that many people (or governments) licking their chops to take down a 2 of 3% yield? I guess there is demand–and we need to see where this is all coming from–but all the research takes a bunch of time which we don’t have right now.
The 10 year has been as low as 2.79% today and we will have to see if rates get driven a bit higher for the close to complete another day of rates in the 2.80%’s.
Very strange–very confusing.