Coming at a Bid to Cover of 4.02, broad demand for today's $35 billion in 2 years was the second highest only below November 2011's 4.07. What happened on November 21, 2011? Well, the world was ending for one, or if not the entire world, then certainly Europe which for those who remember, had to be rescued one short week later courtesy of a coordinated global central bank intervention when the Fed and Europe not only renewed their FX swaps, but lowered the rate paid to OIS+50. So do the bondholders know something about today's market plunge that is not being said? We will find out soon.

What else happened today? Nothing short of an unprecedented surge in Direct Bid take down, which soared to an all time high for the series, closing at a whopping 35.41% of the total, more than either Indirects or Primary Dealers! Who was it: Pimco or China? The rumors are about to start.