And so liquidity overflows once more, with investors stampeding to get first into stocks and now into bonds, with the 3 year $38 billion auction closing at 1.414% and an all time high BTC of 3.27. But no, there is no bubble. It is just that investors are diversifying by buying bonds, stocks, commodities and gold all at the same time.
- $38 Billion 3 year closes at 1.414% (1.307% Low, 1.370% Mid), 1.776% previously
- Bid To Cover 3.27x, previous 3.10, average 3.00. This is an all time high BTC [actually November 2009 was the only time that BTC was slightly higher at 3.33, so for all you purists out there, now you know]
- Indirects at 50.7% vs average 50.91%
- Direct take down 16.5%
- Primary Dealer hit ratio 14.99%
- Allotted at high 22.27%