10 year spike

What was the cause of the 10 year bond drop?

 

The 10 yr note rally, you mean?

 

There was an auction annocement

 

The negative Philly Fed survey was the main catalyst on top of slightly oversold conditions.

"The Philadelphia Fed index came in at minus 2.2, its first negative reading in 25 months, well below May's positive 7.3 reading. Zero marks the survey's threshold between expansion and contraction. Economists had expected a June reading of 10.0." Reuters