Ugly 10Y Auction: Foreign Demand Plummets, Directs Soar, Resulting In Biggest Tail Since February
After a subpar 3Y auction on Monday, today’s 10Y auction – which followed another hot CPI print – was downright ugly.
Let’s start at the top: the high yield of today’s auction was 5.020%, which hit just as yields hit their peak for the day, with the 10Y rising more than 10bps above 5.0% for the first time in weeks. Still, this was a drop from last month’s 5.317% (which was the highest in over 2 decades), but tailed the When Issued 5.010% by 1 basis point, the biggest tail since February. And with the auction pricing north of 5%, the coupon on the auction would be 5%, the highest since 2006.
The bid to cover was also ugly: sliding to 2.468 from 2.771, this was the lowest coverage since May.
But the internals were even uglier: Indirects plunged from a near record 80.3% in October to just 61.2%, the lowest since October 2023, as foreign buyers staged a bit of a strike.
It meant that someone else would have to step up, and sure enough, Directs soared from 17.1% to 29.0%, the highest since September 2013!
Dealers were left holding 9.77%, the most since May.
Overall, this was an ugly auction…
… easily on of the ugliest of 2026, and all it took was one hot CPI print and two hawks to put bonds back in the driver’s seat, and that’s even ignoring the AI trade being back and once again draining demand for duration after a month of IG issuance that has blown away all records.
And since all key catalysts until the December rate hike are now done (except Friday’s PPI which we don’t expect will be much better), expect even more ugly auctions in the coming weeks.
Source: https://freedombunker.com/2026/11/10/ugly-10y-auction-foreign-demand-plummets-directs-soar-resulting-in-biggest-tail-since-february/
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
| Visits: | 1,838,158,806 |
| Stories: | 8,735,636 |
Whistler Blowers, Insiders
