FAST FIVE: Strong 10Y Treasury Sold At Lowest Yield Since August 2016
Strong 10Y Treasury Sold At Lowest Yield Since August 2016 While yesterday's 3Y auction was strong if not spectacular, today's 10Y auction was a bit more impressive.
It was the lowest stop out for a 10Y auction – technically a 9-year 10-month reopening – since August 2016, and only the 3rd highest stop out for a 10Y auction on record with the 1.459% July 2012 yield the lowest recorded print.
It was also the first 10Y auction since May that did not tail.
Just like in yesterday's 3Y auction, the Bid to Cover was almost unchanged at 2.43, down from 2.46 in September, but above the 2.38 six auction average.
And now we look to tomorrow's 30Y auction which closes this week's coupon calendar.