42 billion of 5 year notes hit the screen to yield 2.54% with 49% going to the Indirect bidders

42 billion of 5 year notes hit the screen to yield 2.54% with 49% going to the Indirect bid.  Direct bidders (Wall Street) took 14% with a bid to cover of 2.75 to 1 (average is 2.69%).  Good news is that the yield came in on the screws (no tail),  bid to cover was above average, and Indirect buyers were strong.  Not so good news is that the “street” stayed away.  We’ll give it a B.  Market reaction has been one that has stabilized the down draft (stopped the selling).  Next market mover will be the FOMC.  Buckle up!

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