Abstract
In this paper, we study the seasonality in the 10-year nominal Treasury yield which is the most actively watched Treasury yield by the market. We analyze whether the recently implemented regular auction and reopening mechanism affects the seasonal variations in the 10-year Treasury yield in any way. We find that most anecdotally observed seasonalities in the 10-year Treasury yield are not statistically significant. The period of 1990-2018 is the only period where we find evidence to support a quarterly seasonal variation in the monthover-month change in the yield. The adopted regular issuance schedule has weakened this seasonality in the recent years.