U.S. bond auction sets new record

Just when you thought fixed income yields couldn’t get any lower, the U.S. Treasury auction sets yet another record low for 10 year notes.

Today’s $21 billion auction set the yield at 1.90%. Bidders would have snapped up far more of the notes if they’d been on offer, with demand outstripping supply by a factor of 3.19.

Demand from foreign central banks waned, as these buyers accounted for 38.3% of the sale, down from an average of 46.9%.

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