This would be one of the biggest tails I remember and the largest since at least 2016.

The 2-year sale also tailed earlier, though a much more pedestrian 0.7 bps.

This is a frightening miss and shows there's not the real money demand for bonds at these levels, even though they're as high as they've been in years.

Plenty of people have been calling the top on yields but that's tougher to believe given this sale.

US 5 year yields