Yield Spike Gets Even Uglier After Dismal 5Y Auction Has Biggest Tail In 18 Months
In a day when risk markets have turned uniformly ugly since the start of cash trading, moments ago the day’s second coupon auction (due to the holiday-truncated weekly schedule) was just as ugly as the first one from 90 minutes ago, when just after 1pm ET, the Treasury sold $59BN in 5Year paper in another ugly, tailing auction.