Seriously, what you fear always comes true. Today, it looks like the US10y is heading toward 5.4%. With yields pushing up from 5.3%, assets are being heavily suppressed. The 10-year U.S. Treasury auction at 1 AM is probably one of the most important pricing events in the market tonight. 1) If such high yields still require a significant auction tail to be absorbed, the pressure on long-term bonds will continue to heat up; 2) If there’s a clear stop-through and strong indirect bidding, it could support the view that '5.3% and above is starting to attract real long-term buyers.'