Yields Jump To 3 Year High After Treasury Takes Less Than Expected At Buyback Amid Flood Of Lowball Attempts

Ahead of today's first expanded Treasury buyback operation, there were two views on how it could go.

On one hand, there were those who, like Bank of America rates strategists, expected the Treasury to purchase close to the $6 billion maximum at Thursday’s buyback operation to avoid risking a further selloff in long-dated securities.