Indeed. We had 69 billion two-year note yields at 11:30 auction. I gave it a C. Demand was pretty good. Then at 1:00 Eastern, we had 70 billion 5 years. That was a very solid auction. I gave it a B. Let's look at that 5-year. Now, as you look at a six-hour chart, right around the time the auction was buttoning up around 1 Eastern is when we put in our low yields. We've been hovering right about there. Keep in mind the two-year, the three-year, the 5-year yields are all slightly elevated, flattening the curve. Seven years virtually unchanged. We'll have 44 billion. Seven years auctioned at 1:00 Eastern tomorrow. And well, let's look at 10 year. If you look at the 10-year going back to exactly mid October, here's what you're going to see on that chart. Basically, for the last two weeks, that chart's an intraday chart. The low yields 394, the high yields 405. We're basically circulating right around 4% on a closing basis. The yields over the last couple weeks have been closing between 395 and 403 even tighter range.

And if you look at a month-to-day chart, well, the left side shows some elevated yields, then it drops. What caused it to drop? Well, it's more about why it was elevated. The elevated yields were more about the Fed minutes that were released on the 8th of October. They still talked about how much negative aspects they were looking at regarding the labor market. That definitely pushed yields down as a good catalyst for an aggressive easing cycle. And thus far, they seem to be correct. We've seen one ease. We'll most likely see another one this week.