“With the FOMC meeting less than one week away, and 10-year rates soon to be within 25 basis points of the overnight rate, it is difficult to picture the market remaining at these levels.”
“The 10-year is not reflective of the fact the overnight rate is going to 4.75 percent in six weeks. It may have to do with carry. As long as you're earning positive carry, people don't mind holding 10-year notes.”
