A week ago, Federal Reserve Chair Jerome Powell lulled bond traders to sleep. Today, Treasury Secretary Steven Mnuchin jolted them awake. Wall Street was already bracing for record-sized debt sales from the U.S. Treasury, given the federal government’s rapid increase in spending to combat the coronavirus crisis. But what almost no one saw coming was Mnuchin’s willingness to aggressively ramp up sales of the longest-dated securities. The department announced Wednesday that starting in August, it would increase 10-year note auctions by $6 billion, the just-implemented 20-year bond auctions by $5 billion and 30-year ... (full story)