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 2^nd 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.