The U.S. Treasury will auction off $70 billion of 5 year notes at the top of the hour. The 2-year note auction was met with average-ish type buying. Domestic buyers were strong but international buyers or weak.
The six-month averages of the major components of this auction shows:
Tail -0.3 basis pointsBid to Cover 2.39XDirects: 18.9%Indirects 70.1%Dealers 11.0%.
This article was written by Greg Michalowski at investinglive.com.