Caught something interesting in the bond market yesterday - treasuries took a hit after a pretty weak 30 year bond auction. The ten-year yield climbed to 4.244%, up another 2.4 basis points, which is telling you demand just isn't there right now. The thirty-year auction especially looked rough - bid-to-cover came in at 2.27 versus the typical 2.43 average. That's a clear signal investors are getting pickier about longer duration bonds.

What's wild is this wasn't just a one-off. Earlier in the week both the three-year and ten-year auctions also came in below average on demand. Meanwhile, jobless claims jumped to 226,000, higher than expected. So you've got weakening labor data mixing with auction disappointment - the market's basically saying it's concerned about both growth and rates staying elevated. Watching how the next auction cycle plays out.