The outcome of the auction will tell us something about how expensive borrowing will be for the government — and for the rest of us.

Treasury yields extended their recent declines after a $22 billion auction of 30-year bonds attracted strong demand from investors. Thursday’s sale completed a successful round of auctions for the government,

Treasuries fell, led by the long end, as traders braced for an acceleration in US inflation and an auction of 10-year bonds.