No one wants seven-year notes
A month ago a terrible 7-year auction sent bond prices reeling. Lately though, the market has reeled in some of the concerns and yields have stabilized.
The results sent USD/JPY a few pips higher to 109.23, which is the highest of the day.
So far though, it’s not setting of the kind of freak-out we saw a month ago but Treasury yields are higher and bear close watching.