Technical Analysis

Impact from poor 7 year auction not lasting

The 7 year note auction was pretty bad. I gave it a grade of F. Rick Santelli on CNBC was generous and gave it a D-. Either way the auction was not all that hot.

However, after a brief tick higher in yields, buyers came back in and yields started to move back to the downside.

2-10 year spread continues to invert

Fed commentary this week has the Fed continuing to raise rates into 2023 with a terminal rate near 5%, but it could also be higher.

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