Here’s a quick prediction we’ll claim credit for getting right.
Yesterday after the an auction of 5-year notes went a little shaky, we predicted the bond auctions would get a lot of more discussion, and that pundits would talk about the ultimate yield vs. expected yield.
Well, the NASDAQ is up 3% today and the Dow is up 131 points, and the official line is that the market is relieved about a bond auction that went better than yesterday.
Bloomberg notes that the yield on the 7-year notes came to 2.384% vs. an expected 2.385%. Whoo, awesome!
We don’t really buy it, but we’ll take it.