U.S. TREASURY SELLS 10-YEAR DEBT AT 5.3%

The U.S. Treasury sold $39 billion of 10-year notes on Wednesday at a high yield of 5.300%, the highest level for that maturity since November 2000. Demand still held up, with the bid-to-cover ratio hitting 2.77 versus a 2.52 average for the last ten auctions, even though the yield jumped from 4.834% just a month ago. Funds tracking that maturity, like $IEF, face a steeper climb as Washington's borrowing costs keep rising.