The U.S. Treasury will auction off $38 billion of the 3 year notes at the top of the hour. The results of the auction components will be compared to the 6 month averages to determine the relative success of the auction:
- Tail 0.7 basis points
- Bid to cover: 2.55X
- Directs (an indication of domestic demand): 21.9%
- Indirects (an indication of international demand): 62.1%
- Dealers: 15.9%
