The lackluster auction of 10-year US Treasury bonds, coupled with low yields, has led to a lack of demand in the market, causing a widespread decline in US Treasury bonds and stocks

After the auction results were announced, on Wednesday, the yield on the 10-year US Treasury bond surged past the level before last Friday's non-farm payroll data was released. The spike in US Treasury yields also led to a decline in US stocks, wiping out all the gains from the dovish Bank of Japan overnight. Analysis indicates that a yield below 4% is not necessarily positive, raising the question of how the $25 billion 30-year US Treasury bond auction on Thursday will fare