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10Y Treasury Auction Prices On The Screws At Highest Yield Since Nov 2007
Following yesterday's subpar 3Y auction, moments ago the US Treasury sold $35BN in 10Y paper in a stronger auction that saw solid, if not spectacular, metrics. After last month's 10Y auction priced just shy of 4% (3.999% to be precise), this time it was no longer possible to contain the tidal wave of rising rates, and today's auction priced at a high yield of 4.289%, up 29bps in the past month, and the highest level since Nov 2007. It also priced on the screws to the When Issued, which was also trading at 4.289% at 1pm. This was the first on the screws auction since Oct 2020. The bid to cover was 2.52, down from 2.56 ... (full story)