The US Treasury sold $21 billion 10-year notes. The when issued market was trading at 2.640% just ahead of the results. In the most-recent auction, on May 7, the Treasury sold 10s at 2.612%.
Quick move up in the cash market following the auction but the miss probably isn’t big enough to give the US dollar a lift.
US 10 year yields intraday
Bid-to-cover was at 2.88 vs 2.63 at previous auction. The softness was in indirect bidders at 36.1% vs 49.3% in the May sale.
