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It was supposed to be getting better but they keep coming.

Eurodollar University

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The 10 Year Auction Was Fantastic Top to Bottom

The 10 year auction was completely stellar, it was fantastic top to bottom. 92.2 to 1% of the auction was awarded at the high rate and that high rate stopped way through this when issued price as well as the secondary market price during the auction. So not willing to fight the FED at the three year. Next forward just one day, nothing else changed in between. It's only because those at the front end of the curve are wondering how much longer J Powell is going to go with his rate hikes. That's a difficult proposition to really pin down.

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