US auctions $38B of 10 year notes at a high yield of 4.438% | Forexlive

High yield:4.438%
WI level at the time of the auction: 4.458%
Tail -2.0 BPs vs 6 month average of 1.1 bps
Bid to cover: 2.60X vs 6-month average or 2.50X
Directs: 13.81% vs 6 month average of 17.53%
Indirects: 74.6% vs 6 month average of 65.42%
Dealers:11.59% vs 6 month average of 17.03%

Auction grade:A-

The only disappointment is that the domestic direct buyers were light, but they were overwhelmed by the international buyers who took a whopping 74.6% of the auction.

Strong demand from international buyers saves the day.

Yields across the curve are now showing:

2-year yield 4.850%, -3.4 basis points
5-year yield 4.435%, -4.5 basis points
10 year yield 4.429%, -3.9 basis points
30-year yield 4.563%, -3.2 basis points

Looking at the US stocks, the NASDAQ index is now up 38 points or 0.22%. Closing in positive territory would be another record close for that index. The S&P index is still lower by -9.4 points or -0.17%. The Dow Industrial Average averages also lower at -254 points or -0.66% at 38611.51

The USD has moved lower.