10 yr note auction mixed but mostly to the good

The 10 yr note auction was somewhat of a mixed bag but more good than not. The positive was the yield of 4.421% that was 7 bps below the when issued. Also, was the level of direct and indirect bidding that took down 91% of the auction, a similar pace last month but the most since February 2023. The drag was the bid to cover of 2.52 which was below the previous 12 month average of 2.57, a 4 month low, and the 2nd weakest since October 2024.