Overall, this was a weak auction if hardly catastrophic, and while demand was there, the more ominous question is where do yields go from here, and how much higher can the yield on the long-end keep rising before something finally breaks.

Overall, this was a rock solid auction, and it should eliminate any concerns that the bond market (at least) is worried about tomorrow's CPI print.

The 30-year Treasury yield hit 5.281%, the highest since 2007, as foreign demand drops and fiscal concerns mount across the $30 trillion bond