Treasury's $26 B 2-year and the $50 B 4-week sales were weak
Treasury's $26 B 2-year and the $50 B 4-week sales were weak. The note stopped at 1.922%, tailing out versus the 1.920% at the bid deadline. And it is considerably cheaper than November's 1.765%. There were almost $65.4 B in bids for a soft 2.52 cover, down from last month's 2.73 and well below the 2.82 average. In fact it's the lowest since last December. Indirect bidders took 40.0%, a little less than the prior 41.9% and the 50.4% average. It is also the weakest since last December. The $50 B 4-week bill was awarded at 1.245%, right on the screws, and it is identical to last week's stop. Bids totaled $147.6 B for a 2.96 cover, the lowest since October, and compares to 3.29 previously. Indirect bidders were awarded 39.6%, below last week's 51.8%.