- 3.3 bps tail -- largest on record
- Bid to cover at 2.39 vs 2.53 prior
- $16 billion auction size was left unchanged even as 10s and 30s were increased
The 20-year is in a tricky spot on the curve but this is adding selling pressure to the fixed income complex. US 10s and 30s are both up approximately 2 bps and that's weighing on stocks. The US dollar is a touch higher across the board. You have to wonder if the Treasury knew that the 20-year space was a tricky spot to find demand.
Still, it's odds to see 10s at 4.33%, 20s at 4.61% and 30s at 4.48%.
