10-Year yield hits 5.22% as poor auction demand drives rates higher.
10-Year Treasury yields touched 5.22% before pulling back to 5.16%, locking in a 17 bps gain for the week. The 40 bps surge over the past month reflects a hawkish Fed, rising inflation expectations, and poor demand at recent 2-Year, 5-Year, and 7-Year note auctions. The CVOL index spiked to its highest level since Marc