We’re unloading tons of Treasury debt this week. First up: A record-tying $42 billion in 2-year Notes. The notes just sold at a yield of 1.119%, slightly above the 1.115% that participants expected. Indirect bidders snapped up 49.4% of the notes sold, while the bid-to-cover ratio came in at 2.68. The bidder percentage figure rose from 33% at the last auction, while the B2C ratio was the lowest since February. The verdict: Not great, but not terrible, either. Bonds have essentially gone nowhere in the wake of the news.
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Great, now let’s see how many were bought by firms fronting for the Fed.
Of course, if you or I did what the fed is doing, we’d be behind bars for “kiting”.