The last coupon auction of the first full week of 2026 was also the strongest one. Moments ago the Treasury sold $22BN in 30Y paper in a very solid auction: the sale priced at a high yield of 4.825%, just fractionally higher than the 4.773% in December, and also stopped through the When Issued 4.833% by 0.8bps. {chart} The bid to cover was a solid 2.418, up from 2.365 last month, and the highest since June. The internals were also impressive, with foreigners buying 66.8%, up from 65.4% in December, and above the six-auction average of 63.7%. And with Direct Bidders awarded 21.3%, bit below the recent average of ... (full story)