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The Boock Report
The Boock Report
10 yr note auction mixed but mostly to the good

10 yr note auction mixed but mostly to the good

Peter Boockvar
Jun 11, 2025
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The 10 yr note auction was somewhat of a mixed bag but more good than not. The positive was the yield of 4.421% that was 7 bps below the when issued. Also, was the level of direct and indirect bidding that took down 91% of the auction, a similar pace last month but the most since February 2023. The drag was the bid to cover of 2.52 which was below the previous 12 month average of 2.57, a 4 month low, and the 2nd weakest since October 2024.

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