Recent auctions for 10-year notes and 30-year bonds have drawn enough buyers to clear, but the enthusiasm level sits somewhere between “polite golf clap” and “checked out entirely.”
The auction numbers tell a cautious story
The June 11 auction of $22 billion in 30-year bonds came in with a yield of 5.020%.
The bid-to-cover ratio landed at 2.33. The 12-month range on that metric runs from 2.29 to 2.66. So this auction sat just barely above the floor.
By early July, the 10-year yield was sitting at 4.49% while the 30-year held at 4.98%.
