Updated on October 21, 2021 10:06:55 AM EDT
Yesterday afternoon’s scheduled events were not exactly bond friendly. The 20-year Treasury Note auction drew a weak demand from investors compared to other recent sales. When results of the sale were posted at 1:00 PM ET, we saw a negative reaction in bonds. Fortunately, it was not enough of a move to cause an upward change in rates, but today’s pricing reflects that move.