- 29.3% primary dealer award was higher than previous as indirect award declined to 58.0%, lowest since April, offsetting increase in direct award to 12.7%
- 2.44 bid-to-cover compares with 2.48 average for previous six
- Auction was expected to draw support from outright yield and short-covering, offset by increased size and FOMC minutes risk
Yes, it was the highest auction stop since December 2009, just after the end of The Great Recession.
At least the TYVIX (CBOE CBOT 10 year U.S. Treasury Note Volatility Index) is lower now than in 2009.
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