10-year Treasury demand weak

Yesterday's 3-year Treasury Note auction went pretty well. Today's $21 billion sale of 10-year Notes? Not so much. Pre-auction talk was for the notes to sell at a yield of about 2.79%. Instead, they sold at 2.82%. The indirect bidder percentage was 37.8%, relatively high compared with recent levels and the last auction's 17.7%. But the bid-to-cover ratio was a paltry 2.21, down from 2.59 at the previous auction and at the low end of the recent range.