U.S. 10-Year Borrowing Cost Hits Highest Since 2000 Despite Strong Auction Demand
📊 The U.S. Treasury reopened $39 billion of 10-year notes at a 5.300% yield, the highest borrowing cost for this maturity since November 2000. Compared with the September auction, the yield has risen by nearly 47 basis points.
🏦 Demand remained firm, with a 2.77 bid-to-cover ratio. Indirect bidders took more than 80% of the competitive allocation, while primary dealers were left with only about 2.5%. The auction also stopped through by roughly 1.8 basis points, indicating solid absorption.
📉 The 10-year yield fell from around 5.316% before the result to 5.273% afterward, after touching 5.361% earlier in the session. The result provided short-term relief for bonds, but did not change the broader backdrop of persistently elevated U.S. yields.
#Bonds $PENDLE
📊 The U.S. Treasury reopened $39 billion of 10-year notes at a 5.300% yield, the highest borrowing cost for this maturity since November 2000. Compared with the September auction, the yield has risen by nearly 47 basis points.
🏦 Demand remained firm, with a 2.77 bid-to-cover ratio. Indirect bidders took more than 80% of the competitive allocation, while primary dealers were left with only about 2.5%. The auction also stopped through by roughly 1.8 basis points, indicating solid absorption.
📉 The 10-year yield fell from around 5.316% before the result to 5.273% afterward, after touching 5.361% earlier in the session. The result provided short-term relief for bonds, but did not change the broader backdrop of persistently elevated U.S. yields.
#Bonds $PENDLE