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In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest "backstop" bid from Dealers in almost a year.
Zerohedge Debates
ZeroHedge Reads
Alt-Market
AntiWar.com
Bitcoin Magazine

How high can we push valuations before something snaps violently?

Overall, this was a medicore auction which priced on the strong side but whose internals offset that strength, printing a bit…

A near-term shakeout back to the 50 DMA remains a high risk, in our view...

We're frogs in water that's getting measurably hotter, and it's getting harder to muster the means to jump out of the simmering…

The Treasury could not have stacked two more opposite auctions if it tried...

Below the bond market's smooth surface, things are starting the crack as a result of the unprecedented reliance on short-term…