The 3-Year Auction Went Fine. It Cleared 18 Basis Points Higher Than the Last One.
The US sold $58bn of 3-year notes at 4.474% with a 0.1bp stop-through, bid-to-cover 2.72 against a 2.62 average.
Demand was normal — at 18bp more than the last auction, with the 10-year through 4.8%. Front-end yields rose and the dollar still could not reclaim 155 against the yen. What that says about any rate-differential signal, and the week's schedule in UTC.