10-Year Auction Results - Evolution of MOPE

(1) Setup
(2) Price action
(3) Price action = market commentary

Positive leverage inflows setup of the 10-year last week. Today's positive price action supports a positive auction spin. Behind the scenes, direct (anonymous) and indirect (likely foreign and international monetary authorities) bidders influence on the auction continues to increase.

10-Year Note Auction Table:


10-Year Note Auction Trends:


Source: treasurydirect.gov