All aboard the bond bus(t)

  • Treasury sells 10-years at 1.855% vs 1.860% WI at 1 p.m.
  • Below the previous record low (1.90% in January)
  • Bid-to-cover at 2.90 vs 3.08% prior (lowest since Nov)

Some extremes but it’s inline with expectations so it’s no affecting USD/JPY.