This was a very strong 3Y auction which curiously comes in a very ugly day for the bond complex, which seemingly oblivious of the strong primary demand, has pushed 10Y yields to a session high of 4.523%, the highest since June 10, and rising fast.
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Overall, this was a medicore auction which priced on the strong side but whose internals offset that strength, printing a bit…
This was a stellar 2Y auction and one would hardly have guessed that the bond market had gone through the most turmoil of 2026…
The Treasury could not have stacked two more opposite auctions if it tried...
"should Japanese bonds go beyond that threshold seen last month, it is likely to send a deeply negative read across to G-10…
Together, these signals may imply upside risk to yields from here...
In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest "backstop" bid from…
