Bond Market & Treasury Auction Analysis - Treasury's 10-year note auction took place [1] - Yields are dipping potentially due to headlines about the phone call and Fed's Cook being dovish [2] - Auction wasn't terrific [3] Market Trends & Indicators - Two times traded four and a quarter around 11:40 Eastern and 1 Eastern [3] - 30s minus 10 spread (the knob) is a favorite in Chicago [3] - The 30s minus 10 spread is almost triple what it was at the end of last year, rising from 20 to almost 60, implying a steeper curve and stubbornly high long rates [4]