The mortgage applications data released on Tuesday continues to cast doubt on the NARs data showing a recovery or stabilization in the housing market. I don’t question their data, but the MBAAs data and Zillow’s data do not support it. See https://wallstreetexaminer.com/2009/09/01/more-little-lies-and-big-spin-gains-or-blips
The Treasury completed 3 bill auctions this week with buying at panic levels, including some of the highest bid/covers I have ever seen. Indirect bidding strengthened. The FCBs are apparently back in the game, at least for a little while. One of the things that we’ve always known is that there’s nothing like a little stock market selloff to get the fear juices going to send a tidal wave of cash into Treasuries.
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