tyb
Poor Demand For Record Big 3Y Auction Pricing At Record Low Yield
Another month auction, another record big 3Y Treasury auction. Moments ago the US sold a record $50 billion in 3Y paper, up from $48bn a month ago and more than double the nominal 3Y auction size observed in 2017 (whcn it was below $25BN). And as auction sizes hit record highs, so do yields do the opposite and for the 3rd auction in a row, the yield on the 3Y auction hit a new all time low, sliding to 0.17% from 0.179% one month ago, which however was a modest 0.4bps tail. Yet despite the latest record low yield, the auction was anything but strong, with the Bid to Cover dropping from 2.44 to 2.28, the lowest since April, and below the 6-auction average of 2.41.
The Internals were also disappointing, with just 50.7% Indirects, down sharply from 57.0% last month and well below the 54.4% recent average. In fact, this was the lowest Indirect hit rate since February. And with Directs taking down 13.0%, in line with recent auctions, Dealers were left holding 36.3%, the most since April-cap #4. No surprise then that with such disappointing metrics, the 10Y sold of modestly on the results although in light of today's equity carnage, we doubt any selling pressure in rates will persist into the close.
https://www.zerohedge.com/markets/poor-demand-record-big-3y-auction-pricing-record-low-yield
it's the size of it that is the main part. but yea it's supposed to rise when there is low demand and the PD's got stuck with a bigly amount-it's all distorted at this point.
hesitated to put it in-zh and all that.
POTUS AC 09-0015 took the lead today
09-0016 USAF C-32A heading for MacDill AFB
09-0015 USAF C-32A continues on to Palm Beach Int'l and just over Palm Bay at present
09-0015 USAF C-32A on descent to Palm Beach Int'l Airport-should be on ground in a few minutes with a westerly final approach
09-0016 USAF C-32A on final approach at MacDill AFB
derp
>muh bad on the extra one
>The majority of americans are complacent until the issues begin to effect them directly.
nice FU to the COMEX manip. crew(s)