The 10 year note auction was on the light side as the yield at 3.734% was about 2-3 bps above where the when issued was trading and the bid to cover of 2.49 is slightly below the average seen this year of 2.54. The level of indirect bidders however totaled 45.7% which is above the previous two that included the new methodology in how it’s calculated but with not enough history now to draw any large conclusions. Who knows what impact or not the FOMC statement coming in one hour may have had on the auction.
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