- Highest yield since the 20-year was re-introduced (seven auctions)
- Prior was 2.210%
- Bid to cover vs 2.48 prior
Six of the seven auctions since the reintroduction of the 20-year have tailed but not this one, which was exactly where the market expected. That will add to the theme that bonds are taking a pause after the big run-up in yields. We'll wait for more data and the March FOMC decision.
