Ugly, Tailing 10Y Auction: Bid To Cover, Indirects Lowest Since 2016

Jon Economy

Unlike yesterday’s unexpectedly strong 3Y auction, which stopped through with impressive metrics despite the “hawkish” JOLTS report which showed a record number of job openings, moments ago the Treasury sold $23 billion in 10Y paper in a surprisingly poor refunding auction, which stopped with a large tail and with the smallest bid/cover since last November’s Refunding. The buyside takedown figures were also light, particularly the Indirect takedown.

This post was published at Zero Hedge on Aug 9, 2017.