Treasury’s $40 billion 10-year auction goes as expected, strategist says

Wednesday’s 1 p.m. Eastern time auction of 10-year notes, seen as the bond market’s key event of the day, was met with average demand after factoring in its increased size, according to macro strategist Will Compernolle of FHN Financial in New York. Direct and in-direct bidders were awarded 84.9% of the sale. Investors and traders have been looking to Treasury auctions for further signs of whether buying demand could hold up for long-dated government debt. Treasury yields remained broadly lower for the day after the auction results came in.