More rotation out of long end paper into near maturities. Soon 100% of US Debt will be maturing every few months. Ugly tail and equities are reacting correspondingly.
- Yields 4.469% vs. Exp. 4.424%
- Bid-To-Cover 2.26 vs. Avg. 2.23 (Prev. 2.54)
- Indirects 44% vs. Avg. 38.3% (Prev. 48.1%)
- Indirect Bid-To-Cover: 1.24
- Directs a staggering 12% of Accepted
- Allotted high 18.01%
2s10s is steeper again: next stop: vertical?