Ugly, Tailing 2Y Treasury Auction Prices At Highest Yield Since July 2008

With 2-Year yields blowing out alongside the 10Y yield hitting 3.00% for the first time since 2014, and rising as high as 2.50% on Tuesday morning - the highest since the summer of 2018 - the only question ahead of today's 2Y auction was whether it would price above or below this key level. The answer was revealed moments ago when the Treasury sold $32BN in 2Y paper - the biggest auction since April 2014 - at a yield of 2.

498%, just shy of 2.50%, although tailing the When Issued 2.493% by 0.5bps and the highest since the 2.82% in July 2008.