- Highest yield since 2007
- Prior was 4.289%
- Bid to cover 2.50 vs 2.52 prior
There hasn't been a stop-through since February so this is right on brand. There was some USD/JPY buying ahead of the sale but watch out for more because a concession was built into the sale and it still wasn't enough. Next month, the Treasury is expected to announce even larger auction sizes, which could also push yields up.
