The U.S. Treasury sold $39 billion of 10-year notes on September 9, with a bid-to-cover ratio of 2.71, the highest reading since April 2016. The auction’s high yield was 4.834%, a level the 10-year note had not reached since August 2007. Indirect bidders, including foreign central banks and international institutional investors, received 79.2% of the offering, while primary dealers took 4.3%. The notes also stopped through the when-issued yield by 1.5 basis points, indicating stronger demand at auction than in the secondary market immediately beforehand. The 10-year yield ended around 4.837%, little changed from the auction result. The sale followed the Treasury’s announcement of a $6 billion bond buyback aimed at managing liquidity in older, less-traded securities. Heavy foreign participation challenges concerns about a sustained retreat from U.S. government debt, while yields near 4.8% make Treasuries a more competitive alternative to equities.