Turning to interest rates, now the yield on the 10-year risk-free T-note is above where it was soon after the Brexit vote.
First off, the world didn’t end. It will take years, possibly decades to resolve.
Lots of experts think the impact on the U.S. will be minimal. Last week’s market activity was attributed to the poor demand for the regular 10-year auction paired up with:
- a huge supply calendar today EGBs
- corporate debt being sold
- and our $12 billion 30-year bond auction.
There’s only so much demand, right?
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