Global Daily: Thumos-maxxing

US sovereign yields steadied yesterday as a 10-year bond auction saw strong investor demand. $39bn of bonds were sold with a high yield of 5.30% with a bid to cover ratio of 2.77x and low primary dealer takedown. The result signals that investors are beginning to view government debt as attractive at current levels and eased fears of a disorderly correction in bond prices that had been sparked by a poor 5-year auction in late September that saw the second-longest tail on record.