Results of the five-year $59B sale

  • Prior was 1.157%
  • Bid to cover 2.34 vs 2.55 prior

This is another tail, this time 1 basis point. That's pushed the daily move in 5s above 10 basis points. That's the highest since the pandemic.

US 5 year notes

It's tough to see anything standing in the way of 1.6%.