“Indirect bidders in the two-year sales have averaged 38 percent or so the past seven, eight auctions; anything less than that today will feed people's fears about foreign demand waning.”
“There's still an argument about where the data is really going to end up, and whether the sugar high of quarter three is going to burn off, and how fast.”
“Nobody feels they have to buy the market at higher prices, at least not yet. Stocks have had a nice recovery, they're up overseas, the dollar is weaker -- so people are saying there's no real reason to buy the bond market.”
“Durable goods was June data, and what we really care about is July data, ... There is also this bearish impulse to the market, because people are looking ahead to next week.”
