It's a very early indicator of a slowing economy. Historically when the Fed gets into a tightening cycle, they inevitably tighten a bit more than they should, and that slows the economy.

Alan Rose

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The whole refunding should go reasonably well. Yields are (about 20 basis points) higher than they were two weeks ago, so that's part of the (price) concession.

The whole refunding should go reasonably well. Yields are still 15 to 17 basis points higher than they were two weeks ago, so that's part of the (price) concession.

There's a long-duration triple-A asset about to come to market, and there are a lot of folks domestically and internationally who need long-duration triple-A assets.

It's the fear there's going to be a mad rush for the exits in the equity market: that's what generates the interest in Treasuries.

The market is anticipating a slowing economy.