In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest "backstop" bid from Dealers in almost a year.
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...markets reconcile ambition with economic scarcity...
The data is ugly and won't be able to be ignored much longer...
Sharp reversals often reveal underlying stress that has been building beneath the surface
Beneath the geopolitical theater, a dangerous story continues to deteriorate quietly in the background...
Overall, this was a fitting close to a solid week for Treasury auctions, as today's 7Y auction was an absolutely blockbuster,…
Overall, this was a solid 7Y auction and one which had no problem finding buyers despite, or perhaps because of the recent surge…
