US Treasury auction weak

"I used to think if there was reincarnation, I'd come back as the President or the Pope, but now I want to come back as the bond market. You can intimidate everybody." - James Carville, Political Consultant

Voltron says: The wheels are coming off the cart quickly!

From WSJ:

NEW YORK -- A weak five-year note auction Wednesday afternoon fueled broad-based selling in Treasurys, casting a shadow on the Federal Reserve's actions to tame the rise in bond yields.

Bonds were already down before the $34 billion auction, with selling pressure coming from a failed 40-year U.K. government bond sale, the first failed auction of conventional U.K. government bonds since 1995.

Following the auction at 1 p.m. EDT, prices of Treasurys hit session lows across the curve, with the intermediate and long end of the curve bearing the brunt of the selling.