Treasury Rally Survives Week’s Key Event Risk

All eyes were on bonds this week following the sharp rally which turned November's first three trading sessions into a cross-asset bonanza. A sparse data docket left the nascent duration bounce at the mercy of Fedspeak and supply reception, with Wednesday's 10-year sale the unquestioned marquee event. Suffice to say some observers were inclined to suggest the fate of the long-end rally rested with the benchmark refunding. With that in mind, the 10-year sale tailed by 0.8bps. The non-dealer sha