32 billion of the odd ball Treasury just hit the tape to yield 3.374% with 41.9% taken by Indirect Bidders.  Stateside account took only 8.1% with the bid to cover 2.61 to 1.  The issue created a .4 bps tail, just like the 5 year.  The “Street” have given this one a grade of D.  Post auction, selling tanked the market for another ½ point in the 30 year bond.  With mortgage backs off a smooth 17/32’s, there is no place to hide.  Buckle up and stay defensive until the shootin’ stops!