A Quick Word On A Bad Auction

In light of recent fireworks across the US rates complex, and considering 10-year yields are coming off their largest weekly decline since Lehman, it's worth quickly noting that Wednesday's 10-year auction went quite poorly. I pick and choose my spots when it comes to highlighting auction results. Late last year, supply reception became the hottest of hot topics amid pressing sponsorship concerns. Treasury was lifting coupon supply, the buyer base for US debt was shifting away from price-agnost