10-Year Treasury Auction Weak, Low Yield = Low Market Demand, US Treasuries and Stocks Plummet
The winning yield for this 10-year Treasury auction was 3.960%, significantly lower than July's 4.276%, but there was a substantial tail difference. As a result, the 10-year Treasury yield broke past levels seen before last Friday's non-farm data release, and US stocks also fell, erasing gains from the Bank of Japan's dovish stance overnight.
Analysts pointed out that a yield below 4% is not necessarily positive, with the market focusing on Thursday's $25 billion 30-year Treasury auction.
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