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Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record
Bonds Crash Most Since Liberation Day After Catastrophic 5Y Auction; 2nd Biggest Tail On Record
Coming into today's 5Y auction, the bond market was collapsing, with yields across the curve soaring but especially the 5Y exploding a crazy 15bps heading into today's auction (of 5 Year treasuries), a massive concession which we thought would lead to "lots of demand" for today's offering.
*TREASURY 5-YEAR YIELD RISES 15 BASIS POINTS ON DAY TO 4.99%
At least there will be lots of demand for paper in today's 5Y auction
— zerohedge (@zerohedge) September 23, 2026
Boy,...
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