🦔The US Treasury sold $39 billion of 10-year notes today at a 5.30% yield, the highest for a 10-year auction in more than two decades. Investors bid for about 2.77 times what was on offer, so plenty of buyers showed up. My Take Bond traders called this a good auction, and on demand it was. Buyers didn't walk away. But a month ago the same auction cleared at 4.83%. On this one $39 billion sale alone, that jump adds roughly $180 million a year in interest for ten years, and Treasury sells debt almost every week. So the bond market didn't break today, and I never expected it to. It just set a new, higher price for lending to Washington, and that price flows straight into your mortgage and car loan. I don't see much pulling it back down soon, with the Fed still penciling in another hike this year and deficits this big. If you're waiting on mortgage rates to drop below 7% next year, I wouldn't build your plans around it. Hedgie🤗