The US sold $21 billion 10-year notes in the month auction:
- The notes were trading at 2.585% on the bid side in the when issued market just before the sale
- The most recent T-note sale was 2.648% at the June 11 auction
- Bid-to-cover was 2.57 vs 10-auction average of 2.72
The market leaned toward higher yields just before the announcement so someone most have sniffed it out. The sale was almost 1 basis point above what was expected and that’s boosted USD/JPY but it’s still the lowest yield since June 2013.
US 10-year auction history
