Topic
Primary-market sales of US government debt, including clearing yields, bid-to-cover coverage and tails versus pre-deadline market levels.
Yields on 1- to 7-year Treasuries moved as much as 26 basis points in four days, and the short end is now priced for hikes. That changes the base case for anyone financing 2026.
Perspective Coverage
6 publishersReality
The 10-year broke a 5% level it had bounced against for two weeks, and the curve from two to thirty years now sits between 4.91% and 5.39%. A Treasury buyback offer the same morning did not slow it.
Reality
It took 5.42% to place $13 billion of 20-year bonds, 21.6 basis points more than last month, and the indirect bidders who include foreign central banks took the smallest share in the maturity's six-year history.
Reality
A July auction took $13bn at 5.163% with bid-to-cover of 2.64, dead on the ten-auction average. Duration keeps getting bought, just never at a better price.
Reality
Treasury's $25 billion long bond sale drew the highest yield since 2001, a day after the priciest 10-year auction since 2007. Demand showed up, but only at a price.
Reality