Yesterday's 10-year note sale featured a 3 basis point tail, which was the worst since 2010.
Today we get 7-year notes at the bottom of the hour. The cash market is trading at 3.267% but that's near the lows of US trading, in large part due to the pain in equities.
What was more impressive than the huge tail yesterday was the market's ability to shake it off, perhaps owing to quarter-end considerations.
