Given the recent push up in rates, the attention on today's 10 year Treasury note auction will be greater than usual. Yesterday's auction of 3 year Treasury notes went fairly well as evidenced by the results:
Note in the table the respectable bid-to-cover ratio of 3.10. Buyers are definitely not on strike at the shorter maturity range of the yield curve.
To get today's results go to http://www.bloomberg.com/ after 1 pm, and click on "Economic Calendar" on drop list for "Market Data".
There is a serious tug-of-war going on with U.S,. interest rates as record deficit financing issuance is putting upward pressure on rates and Europe's difficulties are causing a reallocation out of the Euro into the dollar and thereby into U.S. Treasuries creating downward rate pressures.
In the background is the ongoing question of when the Fed will begin to remove the punchbowl as the economic recovery picks up.
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