Results of the 30-year Treasury auction.
- Prior was 4.825%
- Bid to cover 2.66 vs 2.42 prior
Treasuries have been bid today, lowering yields by 4 bps at the long end to 4.77% ahead of the auction. That’s a result of a poor tone in the US stock market.
Yields extended their decline following the result with 30s down to 4.75%. US 10-year yields are down 6.8 bps to 4.115%.
It’s tough to find safety at the moment as some of the sectors in the stock market that had been strong amidst the software selloff are lagging today. Gold was also hit by a quick $150 drop and silver is down 10%. When there is nowhere to hide, 4.75% a year starts to sound pretty good.
