It's all about the Rates. Rates advanced higher again today and, consequently, Equities snapped their four-day winning streak. Major US indexes held in around flat/up small for the morning, only to fall well lower during the US afternoon following a much weaker than expected 30yr bond auction. Because, well… it’s all about Rates. Today’s 30yr Bond auctioned wide at 4.837% vs the when-issued level @ 4.80% as demand wobbled with a weak bid-to-cover ratio at 2.35 (vs 2.46 previous) and the dea…
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