Another Day, Another Bad Treasury Auction

I suppose it's not surprising that Thursday's long bond sale went poorly. After all, Wednesday's 10-year auction was rough, and you're encouraged to note that the tail on that sale was a factor in undercutting risk sentiment on Wall Street midweek. The tailing 10-year supply event didn't bode well for the long bond refunding, which was already staring at an impossible seasonal: 30-year auctions are weak in August. Period. Sure enough, the auction tailed, and by the same three basis points as