Overall, this was a medicore auction which priced on the strong side but whose internals offset that strength, printing a bit weak. Not like any of that mattered for the bond market, however, with yields trading near session lows across the curve.
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This was a very strong 3Y auction which curiously comes in a very ugly day for the bond complex, which seemingly oblivious of the…
The Treasury could not have stacked two more opposite auctions if it tried...
In summary: this was a very ugly, tailing auction, which saw foreign demand tumble, offset by the biggest "backstop" bid from…
Overall, this was a solid 7Y auction and one which had no problem finding buyers despite, or perhaps because of the recent surge…
Below the bond market's smooth surface, things are starting the crack as a result of the unprecedented reliance on short-term…
Overall, this was a average-to-weak auction, with sufficiently good metrics even if the internals were a bit on the weak side.…
