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Market positive despite jitters over rates
US yields: The US Treasury's $29 billion auction of seven-year notes drew the highest yield for securities at that tenor since 2011. The curve steepened more due to strong Investment Grade issuance, totalling $11.4 Bn yesterday. Oil rally: US Crude inventories dropped more than expected, falling by 1.62 bbl last week, being the first drop in 4 weeks while it was forecasted to rise by 2.9 mio bbl. European Central Bank: Minutes from the ECB’s policy meeting in January flagged concerns that the overly-strong exchange rate had become unhealthy and “required monitoring”. 'Doves' on the governing council clearly ... (full story)