Updated on April 27, 2017 10:49:06 AM EDT
Yesterday’s 5-year Treasury Note auction didn’t go overly well. The benchmarks we use to gauge investor demand showed an average level of interest at best. The bond market did not have a noticeable reaction to the auction results when they were posted. That doesn’t allow us to be too optimistic about today’s 7-year Note auction. Results will be posted at 1:00 PM ET, so look for any reaction to come during early afternoon hours. A strong demand for the securities is good news for the broader bond market and mortgage rates.