Markets began the week nervous about a large supply of US Treasuries to be auctioned. The main worry was of higher rates if demand for the new debt proved thin. With so much riding on the level of interest rates right now, it should come as no surprise that the markets worry about these monthly auctions. But low and behold, the Treasury auctions were over-subscribed! Investors piled in en masse to purchase these abundant and historically low- yielding securities. Stocks, of course fell on the news.