Results of a 3-year $38 billion auction:
- The notes were trading 1.415%/1.405% on the bid/ask in the when-issued market
- Prior was 1.573%
- Bid to cover 2.43 vs 6-auction avg of 2.47
This was a tough one to bid for with Powell set to speak in 90 minutes. There is a small tail here but it's not enough to spill over into FX.
