Treasury to auction $58 billion in 3-year notes as yields near 2002 highs

The Treasury auctions $58 billion in 3-year notes today. Yields are near multi-year highs, with the 10-year at 5.273% after touching 5.310% Monday, the highest since April 2002. JPMorgan expects smooth demand. The auction is part of a larger refunding week with $39 billion in 10-year notes Wednesday and $22 billion in 30-year bonds Thursday. Oil prices fell 3%, easing the global bond selloff.