US Treasury 20-Year Bond Auction May Require Yield Concession

The US Treasury's $13 billion auction of 20-year bonds on Tuesday might require a concession amid concerns of further selloff in Treasurys. J.P. Morgan strategists say that the near-term risks to long-end yields are bearish due to unattractive macroeconomic conditions, rich valuations, and unsupportive technical indicators. The 20-year Treasury yield has risen 6 basis points to 5.426%, according to Tradeweb.