Results of the $21 billion sale of 10 year notes

  • 10s sold at the prior auction at 2.115%
  • Bid-to-cover at 2.70
  • Prior bid-to-cover was 2.40

Strong auction with the yield stopping through by a basis point. That might take some of the enthusiasm away from bond bears and USD/JPY buyers.

The Treasury sells $13 billion in 30-year bonds tomorrow.