finance
U.S. Treasury Auctions $42 Billion in 10-Year Notes at 4.468% Yield
The Treasury's latest 10-year note auction produced the highest yield since January 2025 and marked the fourth consecutive tail. Foreign demand fell to its lowest level since January 2025 while the bid-to-cover ratio hit its weakest reading since February. Direct bidders absorbed their largest share since January 26.
May 12, 1:22 PM·1m read2 sources
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U.S. 468 percent, the highest since January 2025. 4 basis points. It was the fourth consecutive tail for benchmark 10-year auctions.
402. 249 in the prior auction and marked the lowest since February. 47. 95 percent of the notes.
5 percent.
3 percent. @zerohedge reported that the results amounted to a very poor, tailing auction. 50 percent or higher.
468 percent stopped short of that level. The lack of demand at current levels suggests upward pressure on yields is likely to continue, according to the same reporting. Yields had already reached their highest levels since July 2025 before the auction took place.
The combination of weak internals and consecutive tails left dealers absorbing more supply than usual.
