10yr Auction Easily Helps Rates Hold The Range. What Next?

Today’s 10yr auction was exceptionally strong.  In fact, by the time we consider the fairly epic levels of corporate bond issuance and the looming ECB announcement, the auction was actually stronger than the already-strong stats suggested.  Actual trading levels did a good job of splitting the difference with yields most of the way back to last week’s range.  The best that can be said about all of …