Overall, this was a average-to-weak auction, with sufficiently good metrics even if the internals were a bit on the weak side. Not that the market cared (about this, or anything else); with 10Y yields extending their drop all day today, the meh auction barely registered.

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…

Overall, this was a rather disappointing auction, and one which pushed yields fractionally higher from the lows of the day, although considering the big slide in the 10Y from…