$13bln 20y auction stops thru a chunky 2.8bp (prior 0.2bp stop thru, 6-auction avg 0.1bp tail)

TREASURY WI 20Y YIELD 4.480% BEFORE $13 BILLION AUCTION

U.S. 19-YR 11-MO BONDS DRAW 4.452%; ALLOTTED AT HIGH 97.08%

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Under the deal now being negotiated by the White House, TikTok’s China-based owner ByteDance would retain a minority stake in

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