Bond-market repricing: Yields, auctions and fiscal stress

The 10-year Treasury remains around 5.24%-5.25%, with the latest framing pointing to a real-rate, supply, term-premium and refinancing shock rather than an acute inflation panic. Leveraged hedge-fund basis trades, roughly $2 trillion of hedge-fund Treasury holdings and declining basis positions heighten margin-spiral and dealer-capacity risks, while mortgage rates near 7.6% show the household transmission.