We noted earlier that bond bulls were getting slaughtered today, and actually that’s getting worse. The 10-year yield is now up to 3.10%.
But what’s interesting is what’s happening at the short end of the curve. We just had a “weak” 3-year auctions, and that’s right in the heart of QE buying, suggesting that desire for risk right now is so great, that even safe havens with a guaranteed Fed bid are being given up.
Take a look at the curve today vs. yesterday, and you can se a tons of daylight between the two lines, even at the short end, which we’ve hardly ever seen.
We seriously can’t remember there was anything interesting going on on the short end, thanks to uber-low rates from the Fed.
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