After a solid, but tailing, 3Y auction to start the FOMC week yesterday had little impact on the yield curve, moments ago the Treasury sold $39BN in 10Y paper in another solid auction, which however once again had no impact on the secondary market. The auction priced at a high yield of 4.175%, which was up from 4.068% in November and the highest since August. The high yield also priced on the screws with the When Issued which was also at 4.175%. It followed two tailing auctions but for the most part demand has been solid historically with most auction in the past year stopping through. {chart} The bid to cover was ... (full story)