10 yr auction meh/Minutes should be seen as old news

The 10 yr note auction was mediocre on the surface but soft relative to pricing this morning. While the yield of 4.066% was only just above the when issued of 4.062%, the off the run 10 yr yield was trading between 4.03-.05% from 8am-12pm. The bid to cover of 2.48 was just a hair below the one year average of 2.51. Direct and indirect bidders took down 86% of the auction which is about the 12 month average of 85%.