Demand was solid for the 10yr auction, which is typical on days with big yield spikes to long-term highs. 10s had already recovered more than half of today's losses as retail buyers flooded ETFs at 9:30am. The auction reaction got us the rest of the way there.
10yr yields now down nearly 1bp at 5.275. MBS are now unchanged on the day--a recovery of nearly half a point.
