IPFS News Link • Treasury
Bizarre Direct Bid Collapse Continues In Today's Tailing 5Y Auction
• https://www.zerohedge.com, by Tyler DurdenThe bid to cover dropped from 2.39 in September to just 2.30, below the 6 auction average of 2.51 and the lowest since February 2017.
But it was the internals were the biggest similarity to yesterday's auction was found, because for the second day in a row, Direct Bidders were engaged in a full blown boycott, tendering only $2.227BN in bids, and were hit on only $727MM, a take down of only 1.9%, which was the lowest since July 2009. It is unclear what has spooked Direct bidders so much but whatever it is, it continues.