Weak bond auction from the US

The US bond auctions held about an hour before Powell's speech ignited a new wave of selling in the bond market. The US Treasury's $24 billion 30-year bond auction yielded 4.769 percent, five basis points above the market yield at the last bid hour. In the last 10 years, there has only been one time in 30-year bond auctions that there was a difference of at least five basis points between the market and the auction yield. According to Spencer Hakimian, Founder of Tolou Capital Management, the weak demand, especially in long-term bond auctions, indicates an oversupply situation, and this raises serious questions about Wall Street's ability to absorb bonds. Bond yields rose sharply along the curve following the auction and Powell's statements. While the 30-year yield increased by up to 22 basis points daily, the two-year US bond yield traded at 10 basis points daily for a while after Powell's speech.