Mixed Auction Results & Evidence Of A Liquidity Problem

Results from the 10-yr Treasury auction at 1 p.. are in and they’re mixed, but present evidence of a major liquidity problem. The good: The 10-yr auction had a 3bp stop-through. The “When Issued” yield was 4.46%, the auction had a high yield of 4.43%, a 3bp difference. That’s the second best stop-through on record….