CNBC's Rick Santelli reports on the latest bond market news, with the U.S. Treasury selling $39 billion in 10-year notes.

The U.S. Treasury auctioned $39 billion in 10-year notes, reopening a previous issue from August. The yield for the auction was 4.117%, slightly higher than the when-issued market, indicating a lower price for the notes. The bid-to-cover ratio, a measure of demand, was 2.48, which was considered somewhat light. However, dealer participation was strong, with a 9.1% takedown. Overall, the auction was rated as average, with yields moving higher, reflecting broader market trends and ongoing government financing needs.

U.S. Treasury sells $39B in 10-year notes

Ten-year notes are up for auction. Rick Santelli is tracking the action at the CME. Hi, Rick. Hi, Morgan. Indeed, as we look at the charts, you're looking at yields moving up, which normally means the auction went, you know, so-so. Isn't necessarily the case. We had 39 billion reopened tens, meaning we're adding to a primary auction that was held in August, so this is the second time we're adding into it. The yield at this 39 billion reopened tenure, 4.117. The when-issued market was a smidge lower, so higher yield, lower price. The government's a seller. It already gets a few demerits for not pricing aggressively, and if we look at all the metrics in general, the bid to cover was a bit light, 2.48, meaning $2.48, chasing every dollar's worth of securities available. One of the bright side was the dealer takedown at 9.1% was very aggressive. But all in all, I gave it a B-, but yields are moving a bit higher. And what that really does demonstrate is, is just because an auction goes B-, doesn't mean that you're going to see prices move up and yields move down necessarily. Seems to me today that if it wasn't for the auction, yields might have crept up a bit anyway. It seems though the market's in a bit of a range from about 4.02 to 4.04 to around 4.20, and considering that tomorrow we have 30-year bonds, we want to pay very close attention because 30-year bond yields on the high-yield intraday over the last several weeks have been bumping up right under 4.80. It settled at 4.77 last year, so that gives you a hint that we are bumping up against resistance, at least in the longest maturity on the curve. We want to continue to monitor the auctions because obviously we're void of other ways to monitor markets like the data. I find it fascinating that no matter whether the government's closed or not, we have to have these auctions, we have to bring in some money, because of course we spend it pretty much every minute of the day, even when the government's closed.

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