Plenty of Supply
2/22/10 Mortgage Backed Securities are plus 9bp this morning. There is no high impact news being released until Friday. That means the markets will be focused on the auctions. There is an auction everyday this week except Friday. Last week the Chinese started selling off US debt. If they are sellers, and they previously were the largest holder of US debt, who are the buyers? The Europeans have their own problems with Greece. We believe this weeks auctions will show how difficult...