Treasuries Tumble After Dismal 30Y Auction Shocks Traders

After the stellar, record-sized 3Y and 10Y auctions earlier this week, moments ago the Treasury concluded refunding week with another record auction, this time in the form of an all time high $26BN in 30Y bonds.
However besides the record auction size, today’s 30Y sale had nothing in common with this week’s prior coupon auctions both of which passed with flying colors, as this was without doubt the ugliest 30Y auction in years.
Pricing at a high yield of 1.406%, this was a 2.4bps tail to the 1…

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