- Prior was 4.632%
- Bid to cover 2.59 vs 2.48 prior
This was a reopening so it was a 9-year, 11-month note. There was some selling following the cooler CPI report and that put in an adequate concession, leading to a slightly stronger sale. The lower yield could weigh on USD/JPY but with all the tariff headlines, everyone is on edge.
