{table} (full story)

After yesterday's subpar 3Y auction, moments ago the Treasury sold $38 billion in 10Y notes, which was a modest decline from the record $42 billion offered last month. Yet despite today's broad risk off move, the 10Y auction was also disappointing, with the high yield printing at 0.951%, down from November's 0.96% but 0.4bps higher than the 0.9417% When Issued. The Bid to Cover was virtually unchanged from last month, at 2.33 vs 2.32, but below the 2.40 six auction average. The internals were better, with Indirects taking down 62.3%, up from 54.8% last month, and modestly above the 60.3% recent average. And with ... (full story)