The auction of three-year US Treasury notes on Monday drew the highest yield since 2007, reflecting the recent bond-market selloff driven by anticipation the Federal Reserve will keep rates elevated into next year. The $44 billion sale was awarded at 4.660%, the highest for an auction of that maturity since before the financial crisis. While market yields for existing three-year notes remain slightly below the multi-year high reached during the first week of July, previous auction results didn’t capture that peak because they followed rebounds in the market. Until this month, the highest three-year auction result in ... (full story)