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…
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…
Overall, this was a solid 7Y auction and one which had no problem finding buyers despite, or perhaps because of the recent surge…
This was an extremely strong auction, perhaps the best 10Y of 2026, and with yields surging today, it shows that not only retail…
Overall, this was a fitting close to a solid week for Treasury auctions, as today's 7Y auction was an absolutely blockbuster,…
