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0482MIAMI 02 Brochure Www3 Tesouro Gov  Form

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you know this is a very strange auction first of all i'm going to give it an a minus which is a pretty good grade and you'll hear why in a moment 54 billion two-year notes the auction yield 0.99 percent it was a bit lower than the market was trading in one issue market lower yield higher price that helps the grade tremendously let's go through the highlight shall we 2.81 bid to cover that's a biggie that's the best since april of 2020 but here's the metric that really caught my eye indirect bidders okay foreign entities the ones we really should be paying very close attention to 66 percent that's the best since the summer of 09 one fly in the ointment were direct bidders at 9.4 percent that's the weakest since march of 2020 but it's well below 10 auction average if you look at 24.6 for dealers that's pretty solid so one bad metric several extraordinarily good metrics a minus what is it telling us it&#39

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