US 10 year yield rises to the highest level since February 2020
Reaches a high yield of 1.6352%The US 10 year yield has surpassed the high yield for the recent cycle from earlier in the month and now trades at the highest level cents February 7, 2020. The high yield reached 1.6370 so far. The next target comes at the February 2020 high of 1.6820%
The rise in yield comes after the U.S. Treasury will auction off 10 and 30 year notes/bonds on Wednesday and Thursday. The 10 year yield at a one basis point tail vs the WI level at the time of auction, but was still considered ok. The 30 year auction had a 0.5 bp tail but the yield had backed up into the auction. Nevertheless, the market breathed a sigh of relief.