Slightly stronger auction than expected
The US sold 9-year, 8-month TIPS in a reopening at +0.149% above inflation. US 10-year on-the-run notes are at 1.77% so that pegs expected inflation at 1.62% over the next decade (at the risk of oversimplying).
The notes were trading at 0.152% in the WI market. The bid-to-cover was 2.40 vs 2.41 prior.
There are no surprises in this sale.