Even 'Doves' See Higher Interest Rates

There's a lot going on today in the bond market. The Federal Reserve released the minutes from their March meeting this afternoon. This meeting was notable as Jerome Powell's first rate hike and press conference as Chair. The minutes gave us some insight into why so many members decided to push their "dots" a bit higher in March. In addition, the Treasury auctioned $21 billion in 10-year notes. The auction was so-so, but it follows a period of pretty strong price action in bonds. Here are some thoughts on where things stand. 

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