The bid winning yield of the US 10-year treasury bond bond issuance is lower than the trading level before issuance, driving the yield downward

On May 7, the US Treasury Department issued US $42 billion of 10-year treasury bond, and the bid winning yield was 4.342%, lower than the pre issuance trading level of 4.354% at the bid closing at 1 p.m. New York time. US treasury bond bonds subsequently rose, and the 10-year yield fell to an intraday low of 4.32%, falling more than 2 basis points within the day.