And judging by the market reaction, it is not good. Both stock market and bond market are sinking deeper.
I frankly don't know what the traders were expecting, for them to get disappointed like this. The key numbers of the auction is posted in the right-hand column, next to this post. (Here's the original announcement.)
Foreign participation was slightly better than the last auction, and bid to cover ratio is also higher than the last. What spooked the traders may be the yield.
Over 46% of the auction was allotted at the high yield at 3.99%.
In the last auction, only 22% of the auction was allotted at the high yield. Right before the auction result announcement, 10-year note yield was 3.94%.
Higher foreign participation demanding the higher yield for the risk they are taking.... Hmmm, it looks like bond vigilantes are intensifying their attack.
戦争の経済学
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ArmstrongEconomics.com, 2/9/2014より:
戦争の経済学
マーティン・アームストロング
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