This afternoons 1PM 10 yr. note auction was better than last month, but not up to the mark hit by the previous twelve auctions.
The 10 yr. has increased 46 bps in just one month.
The FOMC minutes presented no surprises and Bernanke avoided all policy related questions in his speech.
Tomorrow, the weekly jobless claims are expected down 6K to 337K and treasury will sell $13B of 30 yr. bonds at 1PM.
We highly suggest locking in your rate as the market continues to be highly volatile, with multiple pricing adjustments occurring daily.
- Michael Corboy
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