Overall, this was a solid, if notably weaker auction than yesterday's phenomenal 2Y sale, and the continued drift higher in the 10Y yield and the entire curve to session highs, confirmed the market's muted reception.

The US Treasury 5-year yield hits 4.391% ahead of a $70 billion auction, nearing 2026 highs as investors watch demand metrics and rate

The US Treasury's $70 billion 5-year note auction cleared at 4.393%, marking the 15th straight failure to stop through as international demand