Treasury auctioned $36B 2-year notes yesterday and had excellent results. The auction stopped below the 1pm bid side of the market and the 3.78 bid/cover ratio was the best since 2007. The bond markets remained firm throughout Monday and are improving again this morning as the Conference Board reported its index of consumer confidence declined to 48.5, lower from 53.2 the prior month and less than the expected reading of 52.1.
The S&P/Case-Shiller index of property values reflected an increase of 3.2% from this time last year, giving homeowners some hope of a stabilization in prices.
Treasury is scheduled to auction $35B in new 5-year notes this afternoon, so we may see some volatility depending on how well the auction is received.
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