Today began the auction cycle in the short to mid end of the curve and the reaction was somewhat decent today. With lower yields, undoutedly Treasury is catching a small break here despite forecasts (and a warning) to the contrary.
2Y Auction: Yield 0.673 vs. 0.789 prev (3/28), Indirects: 37.86 vs. 32.97, BTC 3.06 vs. 3.16, Coupon 0.625 vs. 0.75
4WK Auction: Yield 0.03 (unch vs. 4.19), Indirects: 19.95 vs. 27.16, BTC 4.77 vs. 4.35, Coupon 0.03 (unch)
Tomorrow’s 5Y auction happens a bit earlier in the day, tenders for noncompetitive bids are due at 11:00AM and competitive tenders are due at 11:30AM. The results will be out shortly after 11:30.