Big tail
Soft demand at the 9-year, 11-month reopening. That's a sign that the real money demand for all that debt isn't there.
The Fed decision is tomorrow so there might be some would-be buyers waiting for some reassurance there but I think the range is broken for the medium-term.
Here's the daily chart:
Other details:
- Bid-to-cover 2.26 vs 2.69 prior
- Last month's sale was a record low at 0.70%
There's been a tick higher in USD/JPY on the results but nothing meaningful.
