The TIPS auction was better than anticipated, especially the indirect bid. Technical buying and a weak stock market also helped.
More Quotes from Frank Hsu:
I was getting long all morning, because I can tell you the new houses on my street are not selling. A 10.5-percent drop reinforces what people are saying about the housing market slowing.Frank Hsu
There were rumors China may revalue its currency in March. Based on that rumor, people are assuming China may buy fewer Treasuries. And then the market broke certain support levels.
Frank Hsu
The market has traded very poorly. Gold is trading above 600, which is indicative of the inflation outlook. Then there is fear about a strong jobs number tomorrow.
Frank Hsu
Five percent is looking more and more like the level where the Fed needs to stop. Anything beyond 5 and there's a real danger to over-kill the housing market, which would have a negative effect on the whole economy.
Frank Hsu
The market was expecting a bigger number. Perhaps there was a bit of disappointment and so the market sold off.
Frank Hsu
It was an average auction.
Frank Hsu
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