The mood from yesterday's boring 10 year auction was carried over into today's earlier 30 year auction (not at the usual 1 PM time due to Bernanke's press conference). Moment ago Tim Geithner auctioned off another $13 billion in 30 year bonds, all of which will be promptly purchased by the Fed (as a reminder, the Fed already monetizes all monthly 10-30 year issuance courtesy of Twsit), at a yield of 2.896%, the highest since May's 3.06%. Unlike yesterday's 10 Year, the Bid To Cover rose modestly to 2.68 from 2.41, in line with the TTM average. The internals were boring as well: Directs: 12.4%, Indirects: 38.7%, Dealers: 48.9%. All quite meaningless, because as noted, all of these bonds will eventually be gobbled up by Simon Potter's open market monetization desk. And with this last auction for the week, US debt is now $16,081 billion in debt (current $16,054 [4] billion plus this week's net new money of $27,918 billion [5]), an increase of $80 billion in the few short days since the Democratic National Convention, when the US broke $16 trillion in debt. And rising.
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