A rather boring 5 year auction just closed at the earlier time of 11:30 due to the Bernanke tragicomedy. The $35 billion in bonds (nothing arcane about the CUSIP today: QF0, although do look for this CUSIP to be aggressively monetized in the next few POMOs) were sold at a 2.124% yield, in line with expectations, and at a 2.77 Bid To Cover, modestly better than the last auction which priced at 2.74 (and in line with the LTM average of 2.79). Indirects took down 40.0%, with Directs accounting for 11.2% and the balance or just under 50% going to Primary Dealers. And like yesterday, the Primary Dealer interest declined broadly, coming at a surprisingly high 25.7% hit rate. The Fed's SOMA retained $2.2 billion. With this auction, the debt ceiling is about $23 billion away, even though we have another $24 billion auction tomorrow. Oh well, we'll cross that bridge when we come to it.