...and the US auction...
Wed Mar 25, 2009 4:06pm EDT
A record $34 billion
five-year note auction on Wednesday was met with what traders
described as subpar demand, with the government forced to offer a
higher yield to attract buyers. Following the auction, bonds added
to their early losses, slipping to session lows.
In an unusual twist, however, the depressive effect was felt in
stocks as well. The move was all the more curious because equity
markets tend, almost instinctively, to move in the opposite
direction to government debt.
