Last week's US 10-year sale settled today
US 10-year yields are down 2 bps today to 1.605% in less-volatile trading following the big move to 1.62% from 1.47% on Thurs/Fri.
The repo market has been strained but that's eased with the settlements of last week's sale. We could see more problems through Japan's fiscal year end and that bears watching.
The main element at the moment is the Fed on Wednesday. Volumes are low at the moment and much of that is a lack of enthusiasm.
