​Stocks Plunge After Ugly 10Y Auction Tails Bigly – Tyler Durden

Stocks Plunge After Ugly 10Y Auction Tails Bigly Amid all the chaos in markets over the past few days, it is perhaps no surprise that ‘demand’ for bonds would be somewhat weaker. However, today’s 10Y auction was very ugly. The sale stopped at 3.96%, tailing by a little more than 3 bps… …as bid/cover of 2.32 was the lowest since December of 2022. In fairness, indirects took down 66.2%, a fairly standard ratio, so there wasn’t a total buyer’s strike from the investor class. With directs taking a somewhat below-average 16%, this left dealers with a higher-than-usual 17.9%. The 10Y…  — Continue at ZeroHedge News : Read More