Results of the three-year $50B auction

  • Prior was 0.179%
  • Bid-to-cover 2.28 vs 2.44 prior

Last month, the fall in Treasury yields reversed after waves of massive supply. The 0.4 bps tail today is a reminder that more of the same could come. There is a sale of 10s tomorrow, 30s on Thursday and 20s Friday.