John Canavan Note Quotations

It gets the refunding off on the right foot, but it's still difficult to draw conclusions about how well the five- and 10-year note auctions will do based on the three-year auction.

We're looking at a Fed that's going to tighten in March. There's a clear suggestion we're going to see further declines in the two-year note going forward even if it's not in the next week or so.

What really drove the two-year to the high yield of the day was the two-year note auction, and the Beige Book didn't do anything to help.