Soft bid
Weak 10-year auction with the buyers saying away until the Brainard smoke clears.
– Prior was 1.503%
– Bid to cover at 2.770 vs 2.980 prior
There a real divergence in stocks and bonds today with bonds still weary and the stock market turning around. In FX, this is good news for the US dollar but, again, we won’t see it show up until Brainard delivers her verdict.
