10 yr auction a bit weak
On the heels of the CPI report, the benchmark 10 yr note auction was a bit weak. The yield of 4.632% was about 1 bps above the when issued pricing. The bid to cover of 2.48 was just below the one year average of 2.53. Direct and indirect bidders took 85% of the auction which is about in line with the 12 month average.
Keep reading with a 7-day free trial
Subscribe to The Boock Report to keep reading this post and get 7 days of free access to the full post archives.