10 Year Paper Auctioned Off With A Small Tail As Yield Drops To Lowest Since June 2013

Tyler Durden's picture


The not so good news about today's Treasury auction, the second of the week in which $24 billion in 10 Year paper was sold, is that the yield came at 2.439, which was a 0.4 bps tail to the When Issued. The good news is pretty much everything else: the Bid To Cover jumped from July's 2.57 to 2.83, well above the TTM average of 2.68. Indirects took down 47% of the auction, also an improvement of the 39.6% last month, and above the past year average as Direct takedown also rose modestly from 13.9% to 15.1%, which however was just below the TTM average print. The plug, dealers, were left holding 37.9% of the auction: the least since May.  Overall, a rather uneventful auction.

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Wed, 08/13/2014 - 13:16 | 5087871 LawsofPhysics
LawsofPhysics's picture

In the "new normal", if interest rates cannot go up, they will not go up.


Any questions?

Wed, 08/13/2014 - 13:17 | 5087877 ekm1
ekm1's picture

it is called CENTRAL COMMAND

Wed, 08/13/2014 - 13:32 | 5087957 InjectTheVenom
InjectTheVenom's picture

speaking of 'small tails', that Morgan Brennan on CNBC is lookin' might fine today . . . . .

Wed, 08/13/2014 - 13:42 | 5087993 ekm1
ekm1's picture

I don't watch TV.

Since 2001.

I've even forgotten how to use it except for channels up/down and sound up/down

Wed, 08/13/2014 - 13:19 | 5087887 ekm1
ekm1's picture


Planned economy. No need for financial system.

Wed, 08/13/2014 - 13:26 | 5087922 LawsofPhysics
LawsofPhysics's picture

Yes, bullish for black markets.

Wed, 08/13/2014 - 13:33 | 5087959 InjectTheVenom
InjectTheVenom's picture


Wed, 08/13/2014 - 15:32 | 5088605 Kirk2NCC1701
Kirk2NCC1701's picture

Caucasian discovery of the COLOR Black or moral metaphors associated with that color or associated with "darkness" (absence of light) long predates their discovery of "Black" people.

Who, BTW, aren't "black" but varying degrees of Brown.

Wed, 08/13/2014 - 13:19 | 5087885 NoDebt
NoDebt's picture

I'm still waiting for the day one of these treasury auctions IS "eventful".

Like when they just can't sell the paper and the Fed has to step in and buy it all up to prevent a failed auction.

Ah, dreams.

Wed, 08/13/2014 - 13:26 | 5087929 LawsofPhysics
LawsofPhysics's picture

If only we knew who the Fed really was and who is actually buying on their behalf...

Wed, 08/13/2014 - 15:36 | 5088629 Kirk2NCC1701
Kirk2NCC1701's picture

Globalist "Manifest Destiny", NWO, "One Coin To Rule Them All" types?

Wed, 08/13/2014 - 13:19 | 5087888 Seasmoke
Seasmoke's picture

They all seem uneventful at this point. 

Wed, 08/13/2014 - 13:23 | 5087914 SethDealer
SethDealer's picture

Ferguson Missouri bonds!!

Wed, 08/13/2014 - 13:36 | 5087964 disabledvet
disabledvet's picture

Wow...gettin hard to post again.

Still huge carry (even inside 2%!) so short anything at your own risk. Who knows..."one day this depression gonna end...

Wed, 08/13/2014 - 13:50 | 5088045 buzzsaw99
buzzsaw99's picture

lever up and buy everything that ain't nailed down bitchez. btfd, that is all.

Wed, 08/13/2014 - 14:01 | 5088100 q99x2
q99x2's picture


Wed, 08/13/2014 - 15:37 | 5088646 Kirk2NCC1701
Kirk2NCC1701's picture


Do NOT follow this link or you will be banned from the site!