Treasury's $78 B 3- and 6-month bill auction results were poor
Treasury's $78 B 3- and 6-month bill auction results were poor and below average, with the longer tranche mostly underperforming. The $42 B 3-month issue stopped at 1.050%, taliing out a bit versus 1.045% at the bid deadline, and it's the same rate as last week's. There were nearly $121 B in bids for a 2.89 cover, also identical to last week's but below the 3.11 average. Indirect bidders accepted 22.9%, slightly firmer than the prior 19.7% but weaker than the 39.2% average. The $36 B 6-month was awarded at 1.190%, also tailing versus the 1.185% at the deadline, and versus last week's 1.170%. Bids totaled almost $108.1 for a small 3.03 cover, less than the 3.34 last week and the 3.20 average. Indirect bidders took 45.7%, also below the prior 56.4% and the 49.4% average.