- Sold $27bn in 3-year notes
- WI was 0.92% before the sale
- Bid to cover 3.03 vs 3.38 prior. Lowest since June 2013
- Indirect bidders bought 36.2% vs 38.2% prior
- Primary dealers bought 44.8% vs 49.1% prior
US 3 year note auction 12 08 2014
As we near interest rate lift off the yields at the shorter end are likely to become pretty wild. The drop in demand suggests that interest is waning at these levels.
