US Treasury's 30-Year Auction Tails by 5.3bps, Receives Criticism for Poor Performance

The recent 30-year US Treasury auction has garnered negative feedback, with comments highlighting it as one of the worst auctions seen. The auction tailed the When Issued by 5.3bps, the largest tail on record, and the bid to cover ratio was the lowest since December 2021. Comparisons were drawn to the Nov 2021 auction, which showed similar unfavorable statistics. Despite this, the impact of the auction on 30-year yields has been emphasized, indicating its significance in the financial landscape.