30 yr auction mostly good, yields off highs in response

Treasury yields are off their highs after the 30 yr auction was mostly good, following the positive 10 yr auction yesterday. The yield of 4.36% was 2 bps below the when issued. The bid to cover of 2.40 was about where the 12 month average of 2.38 was. The level of direct and indirect bidders was similar to the prior two auctions. 

Because it's typical fo…