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Bond Bear Roars Back
Equities may be inclined to sustain a rebound from their late-summer swoon, and the odds may favor a Q4 rally on Wall Street, but a lot hinges on bonds, and specifically long-end US yields.
Just prior to Thursday's 30-year sale, I noted that stocks were able to shrug off a warm CPI report (on the heels of a warm PPI release the prior day) in part because bonds didn't react violently to the data. Not that the figures called for a violent reaction. The numbers hardly counted as disastrous in the
Can you explain the price tail? I thought investors in Dutch auctions paid the lowest price that cleared the total supply. Thanks