Results of the US auction of $58 billion in three-year notes.
- Prior was 4.256%
- Bid to cover vs 2.60 prior
Bonds have been bid today with yields down 5-6 bps across the curve ahead of a pivotal CPI report however this 2 basis point tail is pushing in the other direction.
It's tough to guess whether this is high supply or angst ahead of CPI.
