The benchmark 10 yr note auction was very strong as the yield of 3.665% was well below the when issued of 3.70-3.71% and the bid to cover of 3.23 was above the 12 month average of 3.12. Also, indirect bidders took 71.3% of the auction, by far the most since at least 2003 which I can’t explain and thus the dealers took only a modest amount. The Treasury definitely got some help today and it’s likely that the highest yields since May became attractive to buyers and the spread to the 2 yr at near record highs became stretched. The Treasury sells 30 yr paper tomorrow and will also be important.
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.