Unfazed Treasury Market Underscores Regime Shift

Treasurys were mostly unfazed early this week despite a mixed reception for the front-loaded supply slate. That's notable. The unfazed part, I mean. Monday's auction double-header (twos and fives) didn't go off without a hitch. The two-year sale tailed (indirects were weak), and while the five-year sale stopped through, "strong" was... well, too strong a word. Indeed, some commentary around Monday's Treasury rally felt forced. The two-year tail was summarily dismissed in favor of glowing descr