US 10-y Bond Auction

Following yesterday's stellar 3Y auction, moments ago - with yields surging to the highest level since mid-May - the Treasury completed the sale of $39BN in a 9 Year 10 Month reopening of 10Y cusip QQ7, in what was another spectacular auction. The note sale, which priced just after 1pm ET, stopped at a high yield of 4.580%, up from last month's 4.538%, and stopped through the When Issued 4.586% by 0.6bps, the biggest stop through since Sept '25. chart The bid to cover rose to 2.593 from 2.565, which was the highest BtC also since ...

After yesterday's mediocre 3Y auction, moments ago the Treasury held a stellar 10Y reopening (of cusip QQ7). The sale of $39 billion in 9 Year-11 Month paper priced at a high yield of 4.538%, up from 4.468% last month, and 0.1bp through the 4.539% When Issued. This was the first stop through following 4 sequential tails for the tenor. chart The bid to cover rose from 2.402 to 2.565, well above the six-auction average and the highest since Sept 25. Internals were impressive: indirects surged to 78.21% from 63.95%, which was one of ...

The 10-year Treasury yield moved higher in reaction to January job growth that was more than double what Wall Street economists had expected. The benchmark yield was up more than 2 basis points at 4.174%, while the 2-year Treasury note yield surged more than 5 basis points to 3.512%, reflecting reduced expectations for Federal Reserve interest rate reductions the rest of this year. The 30-year Treasury yield rose more than 2 basis points to 4.814%. One basis point is equal to 0.01%, and yields and prices move in opposite directions. ...