Interesting that the recent auction did not go too well. Perhaps it is something to doing with the Democrats saying that they will increase the US debt ceiling by a massive $1.8trl up from the current $12.1trl. How long will the bond market accept this when it is obvious that the US cannot grow itself out of the debt mountain, especially when you add in the unfunded liabilities which were recently assessed by Sprott Asset Management at over $118trl.