Treasuries have sold off over the past 24 hours with the 10-year at 3.41%, 13 bps higher this morning than yesterday’s low. European worries were allayed by Spanish and Portuguese bond sales; the 10 year bonds sold by Portugal had strong demand at a yield of 6.716%, and Japan’s comments that they will be a big buyer of the soon-to-be-issued rescue funds helped support the auctions.
The U.S. Treasury will be auctioning $21 billion 10-year notes today, after yesterday’s 3-year note auction which had reasonable results that were improved over last month’s auction.
Mortgage pricing is approximately .50% worse from where HSOA priced Tuesday morning.
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