US 5-year note auction
- The notes were trading at 2.660% on the bid side ahead of the sale
- Prior 2.434%
- Bid-to-cover 2.44 vs 2.48 prior
A touch on the strong side but not enough to make a difference in FX. The strong result was similar to yesterday's 2-year sale and it shows that the market isn't convinced yet that higher yields are coming.
That could change after the FOMC minutes.
