- 0.3 bps tail
- Bid to cover 2.57 vs 2.50
Yesterday's 2 basis point tail in 5s was problematic for the whole market. Sevens are less of a focus and we're seeing a solid post-auction bids so I'd say the coast is clear. The Treasury refunding announcement next Wednesday will be a focus.
It's insane that people are getting advice on bonds from people talking about "5-year T-bills"
