A $35 billion auction of 10-year bonds later today will provide a key demand benchmark amid historic volatility in the Treasury bond market.
The U.S. Treasury will auction $36 billion in new 10-year notes Wednesday, just hours before the Federal Reserve publishes details of its September rate decision and a day ahead of a key inflation reading from the Commerce Department.
Demand for the notes, however, is expected to be solid, even with the broader market uncertainty over the Fed's 'higher for longer' rate stance, as investors are now extending bets that the end of its policy tightening cycle ended with its last quarter point increase in July. Benchmark 10-year notes were last seen trading at 4.592% in early New York dealing, down from last week's 2007 high of 4.895%, with 2-year paper pegged at 4.957%.
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