Yesterday saw a very strong 10Y auction at 5.3%, the highest since 2000. Dealers only received 2.5%. September FOMC minutes showed a Fed concerned with Treasury market function, while also committed to limiting its footprint there. Reserve management purchases of bills were paused because reserves are ample. All of these throw cold water on popular Fintwit narratives such as: the bond market is bidless, auctions are near failing, the Fed is running stealth QE, the Fed has to cut because of its third mandate, etc. All just plainly wrong.