The 10-year Treasury yield just jumped back above 5.1%, up about 25 bps in only 3 trading daysIt closed at 4.86% on Mond…
The 10-year Treasury yield just jumped back above 5.1%, up about 25 bps in only 3 trading days
It closed at 4.86% on Monday and is now trading near 5.11%, its highest close since Oct 21 if it holdsThe trigger was another weak bond auction. The Treasury sold $25 billion of 30-year bonds today at 5.441%, a 0.4 bp tail with bid-to-cover falling to 2.36 from 2.54 last monthDealers were left holding 11.4% of the auction, up from 6.8% in October, as foreign and institutional demand slippedThat follows Tuesday's 10-year auction, which also tailed by 1 bpThe 30-year yield is back near 5.44% and the 10-year is now only about 20 bps below its Oct 5 close of 5.31%Bond buyers are demanding more to hold long duration, and that pressure lands right on mortgage rates and tech valuations at the worst possible time for $QQQ, which is already fighting the $NVIDIA(NVDA.US) CEO shockSource: StockMarket.News
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