Traders are murmuring about the lack of central bank participation in this week’s Treasury auctions. These are the same folks who’ve been screaming about the unsustainability of our foreign borrowing binge. Ya can’t have it both ways folks. There were three bids for every bond without huge central bank participation. I take that as a good thing.

US yields are a touch higher. 10s trade at 3.76% versus 3.74% before the auction.