Maybe They Want The Bonds After All

Headed into this week, there was some consternation that Monday's 20-year sale would evidence the same sponsorship concerns that bedeviled US duration for the better part of three months through late-October. The 20-year's an eccentric security, to employ a polite euphemism. Although Treasury has endeavored to support demand by limiting auction sizes versus 10- and 30-year sales, it's still a black sheep. And Janet Yellen needed to sell $16 billion worth into the pre-Thanksgiving void. Yields