Results of the US 10-year note sale

  • The notes were trading at 2.740%/2.730% on the bid-ask beforehand

  • Prior was 2.915%

  • This was a 9 year, 10-month reopening

  • Bid to cover at 2.51 vs 2.35 prior

Strong auction. Might put a bit of downward pressure on USD/JPY. That's the lowest yield on a 10-year at auction in a year.