- Prior sale was 3.954%, six auction average 4.04%
- Bid to cover 2.87 vs 2.56 prior
The front-end has been pushing up on higher rate hike expectations but the long end has been flat for the past month. This 1.8 bps stop through is a strong indication that long-dated bonds are still in demand. The kink in 20s (4%) vs 30s (3.83%) is also a factor.