Auction Analysis - The US Treasury reopened 39 billion USD of 10-year notes, adding to a previous auction from August [1] - The yield on the reopened 10-year notes was 4.117%, slightly higher than the when-issued market, indicating lower prices [2] - The auction received a B- grade due to a light bid-to-cover ratio of 2.48, meaning 2.48 USD chasing every 1 USD of securities [2] - Dealer takedown was aggressive at 9.1% [2] - The auction's B- grade doesn't necessarily correlate with immediate price increases or yield decreases [3] Market Trends and Outlook - The market is trading in a range of approximately 4.02% to 4.20% [4] - Attention should be paid to the upcoming 30-year bond auction [4] - 30-year bond yields have been facing resistance near 4.80% intraday, settling at 4.77% [4] - Auctions are crucial for monitoring markets, especially in the absence of other data [5] - The US government continues to spend money regardless of government closures, necessitating these auctions [5]