Yield at 0.760% compared to 0.748% in the WI market

  • Bid to cover at 2.52 vs 2.72 prior
  • Indirects at 29.9% (lowest since July 2014)
  • Directs 59.8%

That could be some apprehension about a hawkish Fed but that might be reading too much into a single auction result.

The curve is flattening today as short-end yields move up and the long-end is depressed.