The Treasury is selling $21 billion 10-year notes in a reopening today at the top of the hour.
The when-issued bid in the futures market is 2.360%, about 1bps above the on-the-run note.
The long end of the curve is in focus after the 30-year yield fell to the lowest in 16-months yesterday.
A low yield in today’s auction along with dovish Fed minutes could push 10s below 2.30%.
US 10s
