“Today's sale of $32B in 10Y notes had to be priced at a high yield of 3.985% and promptly tailed when Issued by 2.7bps. Of the past 5 10Y auctions, 4 have tailed or had stop throughs of more than 2...
I'm surprised we've gone a year without QE and nothing has seriously broken. Preston, how much more runway do you think we have before the Fed has no choice but to step in?