US treasury auctions off $38 billion of 10 year notes at a high yield of 0.951%

10 year note auction WI yield at 0.947%

• WI level 0.947%. Tail of 0.4 basis points
• High yield 0.951%
• Bid to cover 2.33 xvs. six-month average of 2.4x
• Dealers 22.99% vs. six-month average of 25.5%
• Directs 14.7% vs. six-month average of 14.2%
• Indirects 62.3% vs. six-month average of 60.3%

I give the auction a grade of C.

There is little change in yields after the auction