Disappointing 5Y Auction Tails As Yield Jumps To 16 Month High

For the second day in a row, today's Treasury auction of $61BN in 5 year paper, has come in quite weak in the aftermath of last week's hawkish FOMC pivot.  One day after we got a tailing, disappointing 2Y auction, we got a carbon-copy only this time at the 5Y tenor...