{table} (full story)

When we advised readers to brace for a "blockbuster" 10Y auction just before noon, little did we know that the post alone would spark a buying frenzy, that sent the 10Y yield from above 1.54% to just below 1.51% ahead of the 1pm auction, actually pushing the yield to red on the day after blowing out earlier as high as 1.565%. So fast forward to 1pm when moments ago the Treasury sold 10Y paper at a high yield of 1.523%, well below where the 10Y traded when we said to brace for a blockbuster auction, but 1 basis point above the 1.513% When Issued which was crushed lower - eliminating any concessions - thanks to our ... (full story)