3-years are trading at 0.375%/0.370% in the when-issued market
It's a big day for the bond market. The main event is a 10-year sale at 1700 GMT but at the bottom of the hour at 1530 GMT we will get 3s.
The front end is pinned down by Fed funds and not likely to create wide-ranging ripples but this could be a precursor to whatever happens in 10s later.
