US 10 year note (well 9 year 10 month) to be auctioned at the top of the hour.

The yield should be the highest since July 2014

At the top of the hour, the US treasury will reopen the old 10 year note (9 year 10 month maturing in November 2027) to investors. The current yield is trading around 2.58%. The high auction yield in 2017 was at 2.56% in March. A yield above that level will be the highest since July 2014.

The expectations are for decent demand at the higher level.

Today, senior government officials in Beijing reviewing the nation's foreign-exchange holdings have recommended slowing or halting purchases of U.S. Treasuries. If they don't like US yields, they gotta really hate German yields at 0.543%.

We will see how today's auction goes at the higher yield.