- Prior sale was 2.075%
That's a 1.1 bps tail in a show that real money also isn't eager to buy bonds. That's a strong signal for higher yields from here.
I find it ironic that deficit hawk James Bullard probably single-handedly pushed that up by 1 basis point. That's $2.3m a year for 30 years, or $69 million. And you could easily argue it's triple that as 30-year rates were at 2.310% minutes before the auction.
