Wow, that was good
Maybe because it’s short duration but the 3 yr Treasury note auction results just announced was great. The yield of 4.398% was about 2 bps below the when issued. The bid to cover of 2.90 was well above the 12 month average of 2.64 and the 2nd best since 2018. Lastly and also pointing to auction strength, direct and indirect bidders took a combined 90% of the auction, the most in 20 years of data I have.
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