Ten Year Demand is Weaker, Yields Rising

From Bloomberg/Econoday: Results for the $21 billion 10-year note auction (a reopening of the 2.625 percent November issue) are no better than average. Coverage of 2.92 is up slightly from the prior auction yet is still the second lowest since the February auction. Buyside participation is right at averages with the group taking down 56 percent of the auction. At 3.340 percent, the auction stopped out right at the 1:00 p.m. ET deadline. Tomorrow the Treasury auctions $13 billion of 30-year bonds. Treasury prices moved slightly higher following the results.