Just to square the circle from before, the 10-year Treasury Note auction was pretty strong today. As a matter of fact, the “indirect bidder” participation was the highest in the history of the data series (73.6% of the notes sold went to them).
That’s the category of buyers that includes foreign central banks. So this stat shows just how much demand there is for our “high-yield” 1.7% 10-year notes. Or at least, their yields are high when compared to, say, 0.03% on an equivalent German 10-year.
TLT is now at the highs of the day, while the 10-year yield just breached 1.7% to the downside (by a smidge). The 30-year yield is testing 2.5%. YUUUGE levels to watch folks …
