CNBC's Rick Santelli reports on the latest news affecting bond markets.

A recent auction of 20-year US Treasury bonds was met with strong demand, despite being considered an unusual point on the yield curve. The auction resulted in only a slight increase in yields for the 20-year bond, while yields across the curve remain elevated. 

Analysts attribute these trends to increased global bond issuance, particularly from countries like Japan and the UK. The Japanese Government Bond yield remains high, and the interest rate differential with the US is influenced by currency exchange rates. Meanwhile, the US dollar index remains near multi-year lows, despite persistent high interest rates.

20-year bond auction sees robust demand

Let's bring in Rick Santelli for more. Rick, is this one, you know, is it better prospects? Is it more, like Mohamed El-Erian was saying this morning, just more global bond issuance from Japan, Germany, and the rest of it? What do you make? Well, global bond issuance is game number one in terms of treasury yields, as the last guest aptly pointed out. Absolutely. But that doesn't necessarily mean that interest rates are going to zoom, zoom, zoom. What it may mean is they're just going to kind of stay higher for longer. Where have we heard that before? Now, look at a 20-year. Now, we had the auction today, and granted, it's the odd guy on the curve. It was reopening. All the reasons may be to pay less attention. But it was still a terrific auction. As you look at the chart, and that's a three-hour chart, you can barely make out right at 1 o'clock eastern that rates dip, although now they're coming back and dipping. But the 20-year, it's got the lowest net change of yield on the curve right now. It's only up a couple of basis points. But the rest of the curve, including the 20-year, is still elevated. Now, let's look at a one-week of twos and tens. Kelly, you were right. We've been moving down. But that has changed a bit, and I do think that Japan plays a big deal in being the poster child for debt, and along with the U.K., issuance. So we need to pay very close attention, because we're in that game. We might be the leader in the issuance game. Let's look at that JGB, Japanese Government Bond. That's a multi-day chart of their tenure. As you pointed out, briefly toying with 1.6 percent. It closed right around 1.58, very elevated. And you might be asking, well, gee, our tenure's way higher. Of course, there's something called an interest rate differential with the foreign exchange side. Their currency, of course, is what makes up that difference. And finally, the dollar index. Now, here's a one-week chart. And even interest rates being stubbornly up four or five basis points most of the session today didn't really help the dollar index. As a matter of fact, keep this in mind again, that on the 2nd of July, we had a three-and-a-half-year low close at 96.78. We're not that far away. You must pay attention to that level. Technicians will sell into a violation of that important low close. Brian, Kelly, back to you.

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