Treasury Auction Preview
$69 bln 2-year Treasury note auction (results at 13:00 ET):
Prior auction results:
High yield: 4.071%
Bid-to-cover: 2.64
Indirect bid: 57.6%
Direct bid: 30.1%
Average results of previous 12 auctions:
High yield: 3.704%
Bid-to-cover: 2.61
Indirect bid: 57.7%
Direct bid: 29.9%
The early gains in Treasuries have taken place alongside a poor start from equities, which has the Nasdaq (-1.2%) widening its June loss to 4.2%.
Yields:
2-yr: -4 bps to 4.19%
3-yr: -5 bps to 4.20%
5-yr: -4 bps to 4.25%
10-yr: -3 bps to 4.48%
30-yr: -2 bps to 4.93%