US Treasury's 30-Year Bond Auction Fails to Meet Expectations

The US Treasury auctioned off $24 billion of 30-year bonds at a high yield of 4.769%. The auction results were disappointing, with a tail of 5.3 basis points and a bid-to-cover ratio below the six-month average. Dealers were left with a higher percentage of the bonds than usual, while domestic and international demand fell below their respective averages. The treasury curve also showed an increase in yields across various maturities. The auction's poor performance contributed to a decline in stock markets.