The 20 yr bond auction (first began back in May 2020) was bad. The yield of 1.92% was more than 2 bps above the when issued. The bid to cover of 2.15 was well below the average since they started of 2.40 and it is the weakest of them all by far. Direct and indirect bidders took 71% of the auction, the least of the ten 20 yr auctions leaving dealers with the most.
Yields are still down on the day after the recent jump but off their lows in response. I still expect higher yields in coming quarters.