US sells 10-year notes at 0.782% vs 0.775% WI in reopening
WI at 0.780/0.770% on the bid/ask
- $25 billion reopening (largest ever)
- Prior was 0.849%
You start to wonder if the larger sizes eventually push up yields. The Fed can buy bonds but not at auction. Of course you can turn around and sell them to the Fed but I don't know about the risk-reward on that trade.