Treasury's bill auctions were about average
Treasury's bill auctions were about average. The $35 B 4-week bill auction was ok. The offering priced well, stopping at 1.815% versus 1.825% at the bid deadline, though it's a little cheaper than last week's 1.790%. In fact, it's the highest award rate going back to August 2008. There were nearly $110 B in bids for a 3.16 cover, not quite up to the prior 3.36, but it's a little above the 3.10 average. Indirect bidders accepted 28.4%, below both the 46.2% last week and the 37.4% average. The $26 B 52-week bill offering was awarded at 2.275%, in line with the bid at the deadline, and is identical to the May stop. Bids totaled almost $88 B resulting in a 3.41 cover, less than last month's strong 3.68 but better than the 3.25 average. Indirect bidders took 45.9%, just off May's 50.1%, but above the 38.4% average.