Weak Auction Pushes Rates Higher

by Adam Quinones

The Treasury has sold  $21 billion 9 year-11 month notes.

Today’s auction was a reopening.  “Reopening” means the Treasury is simply adding securities to an already outstanding issuance. Today’s auction adds to the November 10 issuance, which matures in November 2019.

When the Treasury auctions a new note,  the coupon rate [...]