This was a snoozer of an auction and maybe that's for the best one week after the Bessent Buyback Bluff sparked market chaos and turmoil across the entire yield curve. In short: things are mostly back to normal, even if yields on the long-end remain just shy of multi-year highs.
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Overall, this was a medicore auction which priced on the strong side but whose internals offset that strength, printing a bit…
In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest "backstop" bid from…
This was a stellar 2Y auction and one would hardly have guessed that the bond market had gone through the most turmoil of 2026…
How high can we push valuations before something snaps violently?
Below the bond market's smooth surface, things are starting the crack as a result of the unprecedented reliance on short-term…
"...the more durable expression is lower dollar rather than structurally lower rates..."
