U.S. Treasury sells $22B in 30-year bonds

Auction Analysis - A 22 billion USD 30-year bond auction (actually 29-year, 10-month) was conducted, adding to a previously issued amount [1] - The auction yield was 4.734%, slightly higher than the "when issued" market rate of around 4.73%, resulting in a small tail of about half a basis point [2] - The auction was graded B+ in terms of demand, indicating solid but not exceptional interest [2] Market Dynamics - Even a good auction may not prevent a sell-off, as the market has its own dynamics beyond the auction itself [3] - Dealer takedown was 8.7%, the smallest amount for a 30-year auction in the last 25 years, suggesting aggressive bidding by actual investors [3][4] - Year-to-date, 30-year bond yields have been hovering close to unchanged, settling around 4.77% at the end of last year and closing in the low 4.70s this week [5] Technical Significance - Closing above 4.77% could be a technically significant event, potentially putting more upward pressure on long maturity interest rates [6]