There's no panic, most of the auction was hedged by dealers. |
There's nothing surprising in this when you see day after day after day after day, 3,000, 5,000, 10,000 layoffs, ... So if anyone's shocked by this, they haven't been reading the newspapers for the past three months. |
We're looking at some pretty strong numbers. |
With the market having failed to penetrate 3.65 percent, there is room for a backup into the 3.80's, perhaps as far as 3.90. |
You could see two-year yields spiking up to around 5 percent before the Fed is done. |
You have an economy that is mending itself with absolutely no inflation pressures. |