Here’s a hint that maybe the world is not fully safe for risk appetite: People are still scrambling for the safety of Treasury debt, despite ridiculously low yields.
Treasury just managed to sell a batch of 2-year notes at a yield of 0.249%, lower than the 0.251% the market expected.
Primary dealers had to take down less of the auction than usual, and the bid-to-cover ratio jumped to 3.76, compared with an average of 3.28 for the past four auctions.
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