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 last September, and obviously well above the six-auction average of 2.46. The ... (full story)