- 10yr auction yield 0.70% vs .716% expected
- bid-to-cover, 2.69x vs 2.4x avg
- Indirects 66% vs 60% avg.
- Lowest 10yr yield ever auctioned.
This just goes to show us that while we may see some push and pull inside the range, bond buyers know what's up. It will be hard to extinguish demand until the more serious risks surrounding coronavirus has been extinguished.
Yields are moving quickly but modestly lower, now down 1.3bps on the day at .694%. 2.5 and 2.0 UMBS are back into positive territory.