3 Times in a Row: Auction Week Bringing The Weakness

Bonds have been consolidating in roughly a 17bp range centered on 10yr yields of 1.30%.  During this consolidation phase, yields have hit the ceiling (1.37+) 3 distinct times.  Each of those bounces corresponds with a Treasury auction cycle.  2 of the 3 examples include follow-through momentum from a poorly received jobs report (with this week being one of the 2).  There’s no way to know if the …