Treasury’s $37 billion auction of 10-year notes is met with weak demand, strategist says

Monday afternoon’s sale of 10-year Treasury notes was met with tepid demand, according to Will Compernolle, a macro strategist for FHN Financial in New York. Investors appeared to be hesitant to lock in Monday’s rate level and looking ahead to Tuesday’s CPI data and Wednesday’s Federal Open Market Committee decision, he said. The sale of 10-year notes came more than an hour after a poorly received $50 billion auction of 3-year notes earlier in the day. The 10-year Treasury yield remained higher on the day, at around 4.27%, after the results of the 10-year auction came in.