Highlights of the 5-year sale:
- The bid in the when-issued market was 1.730% just before the sale
- Prior sale was 1.670%
- 4.12 bid-to-cover — highest since March
US 5 year auction history
Bond buyers not deterred ahead of the FOMC tomorrow. The bond bulls have gotten so rich betting on a dovish Bernanke/Yellen that they’re not going to quit now.
