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Gap-Lower After Terrible 7Y Auction Tails 4Bp

US TSY FUTURES
Apparent buyers strike after the 7Y auction tailed a full 4Bp. Rates were already cautious ahead the auction -- duration selling pushing long end to new lows, weaker auction all it took to push rates over the edge: 10YY 1.6085% high vs. 1.5286% last; 30YY 2.3944% high vs. 2.3187% last.
  • Note 5s30s yield curve -14.139 to 148.997 last vs. 165.390 high.

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