There is still an appetite for Uncle’s paper which is a good thing for us

43 billion of 2 year notes hit the block at 1.034% with 45.2% taken by indirect bidders and those foreign central governments we talked about earlier.  The auction was right on the screws (no tail), producing a bid to cover of 3.23 to 1.  Very strong but then again, it’s short term paper with a maturity of 2 years.  Nonetheless, there is still an appetite for Uncle’s paper which is a good thing for us.  Mortgage backs have held their ground, up 3/32’s on the day.

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