$28 Billion 7 Year Auction Hail Mary From Indirects
- Yield 3.369% vs. Exp. 3.394%
- Bid/Cover 2.63 vs. Avg. 2.45 (Prev. 2.82)
- Indirect bids 62.5% vs. Avg. 44.39% (Prev. 67.03%)
- Alloted at high 91.73% (BBG)
The two year in the meantime is whistling all the way to the lack of the Chinese bank (or Timmy's back pocket).
So let's get this straight - the Treasury thinks we are so gullible to believe that "investors" are more interested in the long end of the curve now? Sigh.