Deficit doom took ahold of traders today. A weak 20-year bond auction sent bonds and equities tumbling across the board with Alphabet (+2.8%) the only bright spot in an ugly tape. The Treasury’s $16 billion issue was awarded at 5.047%, whereas the average of the past six auctions is 4.613%. The starkly higher rate served as a wake-up call in an already high yield environment, and long-term debt bore the brunt of the selling pressure with the 30 year not only holding above 5% but closing at 5.08…
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