$21 billion more on the US debt pile with the Treasury trying to sell ‘em while the Fed is still buying.
- Soft auction with a 1.1 bps tail
- Bid-to-cover at 2.52 vs 2.658 avg at past 5 auctions
- Lowest bid-to-cover since Aug 2013
Bring him back!
Stark contrast to yesterday’s strong auction. I don’t see any rush to buy bonds at these yields either so I can’t fault anyone. Could be some trepidation ahead of the FOMC minutes.
The higher yields have given a slight lift to the dollar.
