Treasury Auctions (5,7,10,30 year securities)
Later today we will get the results of the 10-year Treasury auction that is taking place this morning. Results will be posted at 1:00 PM ET, meaning if we get a reaction it will come during early afternoon trading. If it was met with a strong demand from investors, particularly international buyers, we should see strength in the broader bond market and possibly an improvement to mortgage pricing during afternoon hours. On the other hand, a weak interest could lead to an upward revision in rates this afternoon. The 10-year Note and 30-year Bond auctions generally are back to back but due to tomorrow’s FOMC events, the 30-year sale will be held Thursday.