Bond Auction Results

Yesterday, a weak $20B 2 year Treasury note auction, high yield 4.765%. Indirect bidder participation 34.7% vs prior 56%. Bid to cover of 2.46 was the lowest since August. The FED bought $4.8 B in notes.

Full results
here and here

Today, a strong $13B 5 year Treasury note auction, high yield 4.704%. Indirect bidder participation 48.8% vs prior 34.7%, bid to cover of 2.50 vs prior 2.28. The FED bought $3.1B in notes.

Full results
here and here

More to come on Fed purchases....

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