Results of the $38B 10-year reopening

US sells 10-year notes
  • Prior was 1.497%
  • Stop through of 0.3 bps

That might bit a bit of downward pressure on Treasury yields. The appetite for bonds is remarkable. We've seen a bit of follow through in the cash market with 10s down to 1.3695%.

There's been very little visible spillover into USD/JPY.