Highlights
Lots of interest in how the US Treasury 3-year note auction at 1 pm ET today will be received. The bond market selloff and yield backup has seen the 3-year rise from 3.5 percent in January to approach 5 percent now in response to a range of factors including heavy global borrowing, inflation worries, Federal Reserve rate hike expectations, and more. The bond vigilantes are saddled up. Are yields now high enough to allow the market to absorb huge new supply? We'll find out.
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