Prices of Treasuries and Mortgage Backed Securities (MBSs) fell sharply (rates up) in early trading again this morning. Meanwhile, stock prices continued to advance.
Traders are focused on the auction of $63 billion in notes and bonds scheduled for later this week. Investors fear that the government's attempts to stimulate the economy and thaw the credit markets will break the budget and lead to inflation. Traders will focus not only on the yields but also the demand for the debt. A drop in demand could lead a drop in bond and MBS prices and an increase in rates.
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