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Bond Markets Weaker After 10yr Auction
Posted to: Micro News
Wednesday, April 09, 2014 1:13 PM
The bid-to-cover of today's auction was slightly higher than average, but well under the previous auction (2.76 vs 2.92 previously). In and of itself, that's not too bad, but the awarded yield was .5bps higher than the 1pm when-issued yield.
The first move for bond markets has been into weaker territory with 10's moving up to 2.717, about 1bp higher than before the auction. MBS are only down 1 tick from pre-auction levels, and haven't moved enough for serious reprice risk to develop.
FOMC Minutes are coming up at 2pm, and although market participants aren't expecting any surprises, the news always carries potential for market movement.
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