Good 10 yr auction and quick point from the FOMC minutes

On the heels of a good 10 yr Treasury auction with a yield that was slightly below the when issued level and a bid to cover of 2.61 that was above the one year average of 2.56 though with a dealer take that was just above the past few months, the Fed’s minutes from their meeting three weeks ago was a non-event. It typically is because we hear from so many members since each meeting and Powell in particular spoke both at this presser and also spent two days in front of Congress telling us what he thinks.

The desire of Governor’s Chris Waller and Michelle Bowman was reflected in this line, “A couple of participants noted that, if the data evolve in line with their expectations, they would be open to considering a reduction in the target range for the policy rate as soon as at the next meeting.” Though their names weren’t specifically mentioned we assume who ‘a couple of participants’ are.