10-Yr Treasury Rate - How is it set?

Very basic question. But when you look up the current 10-Y Treasury rate on Bloomberg (for example on Friday it was 2.90%) how is that rate determined. It's not what a new 10-Y is being issued at because that rate is only set through quarterly offerings when they issues new notes - so is this just the implied yield of 10-Y's trading in the market? If so, it seems there would be several different maturities of 10 years trading and I would assume each would have a different implied yield... anyway, a little lost in my own thoughts on this one and was wondering if anyone could provide some insight.

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