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Similar to yesterday's 10Y auction (and price action), moments ago the Treasury held the final coupon auction for the week and the first 30Y auction for the year, when it sold $22 billion in a 29-year 10-month reopening, in an auction that - like yesterday - tailed the When Issued but was otherwise not overly weak. The high yield of 2.075% was the highest since June, and was 18bps higher than December's 1.895% with much of the repricing due to last week's FOMC minutes. The auction tailed the When Issued 2.072% by 0.3bps, which was the third consecutive tailing 30Y auction, however in light of the sharp drop in yields ... (full story)