Ugly 10-Year Sale Is Insult To Injury For Reeling US Rates

On a day when another warm CPI report roiled the US rates complex, markets could've done without an ugly 10-year sale. But when it rains it pours, as the hackneyed old cliché goes, so I suppose it wasn't entirely surprising to see a 3bps tail on the benchmark reopening. If you're not well-versed, suffice to say that's bad. Really bad, actually, and insult to injury for a reeling bond market. 10-year yields, already ~16bps higher following the inflation data, rose even further, to ~4.57%.