The 5-year Treasury Note auction (of $37 billion in securities) just wrapped up and it was pretty good. The notes sold at a yield of 2.7%, compared with pre-auction talk of 2.724%. Indirect bidding was strong at 62.8%, and the bid-to-cover ratio came in at 2.58. Those were the highest figures since December 2004 and October 2007, respectively. Still, those metrics were slightly worse than the 2-year auction. That fits with the pattern that the further out on the yield curve you go, the weaker the demand tends to get.
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Foreign countries are buying 60% of the debt?
Is Washington DC a foreign country? Hard to believe foreign countries are buying 60%. I’m not buying it at all.
Mike, great report on July 10th thanks. FYI, about the next stimulus plan. Fact is that only 10% of the first one has been distributed. Seems like the logical thing to do is to distribute it first before considering the next one. Fortunately, I only read the Weiss advisory information on the economy and not the Government’s and the MSM Wall St. shills on cable TV. thanks again Ken