Posted To: MBS Commentary
I just wanted to add my two cents into the “grade the auction” requests AQ received earlier while I was nobly battling a nasty little holiday stomach virus my son was kind enough to bring home (and losing miserably). You see, I think that the stomach virus has done the same thing to the attendance at his pre-school as the holiday season is doing to participation in the bond market. More than half of his class was out today and the bond market was less than half it's normal volume. The parallels are, indeed, uncanny. Add to that the fact that more than a third of bond market volume was in 2's, BUT 2's didn't move at all after the auction and in my mind, when pressed for a grade, I'd have to say “insufficient data.” I might even go so far as to say “who…(read more)
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