• Prior was 2.997%
  • Bid to cover 2.35 vs 2.38 prior

There was a late concession in the market as the WI moved up to 3.200%, likely due to the tails at recent auctions. Instead, there was strong demand at the long end. That could mean that some of the corporate issues this week were digested or there's demand for long-term US bonds.

In any case, yields are down to 3.1748% as there were clearly some buyers waiting in the weeds and hoping to pick them up cheap, or to cover shorts.

As for the broader market, this could cool USD/JPY and boost risk sentiment.