US auctions off $27B of 10 year notes at a high yield of 2.689%


Bid to cover at 2.35x vs 2.51X prior

  • High yield of 2.689% versus WI yield of 2.681%
  • Bid to cover 2.35x vs 2.51x at last auction
  • indirects accepted 59.5% versus 56.9% prior auction
  • directs 12.2% versus 20.8% prior auction
  • 28.4% to primary dealers
  • the 10 year notes sold at the lowest yield since January 2018

Looking at the daily chart of the 10 year, the high yield peaked at 3.2594% in early October. The yield moved to a low in January at 2.5412%.  The last month or so has been between 2.54% on the bottom and 2.80% on the topside.  The 50% of the move up from the September 2017 low comes in at 2.6369%.   The low last week took a peek below that level but bounced higher.   A move below would tilt toward the downside.  Stay above favors the upside.

Overall auction was a D with a tail and demand light.

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