Treasury's $96 B in bill auctions were on the soft side
Treasury's $96 B in bill auctions were on the soft side. The $70 B 4-week bill stopped at 1.910%, right where it traded at the bid deadline. And it's fractionally cheaper than last week's 1.905%. There were nearly $185 B in bids for a 2.66 cover, in line with the prior 2.65, but still below the 2.97 average, in part due to the larger offering size (it was $45 B at the July 17 sale). Indirect bidders took 36.2%, below last week's 42.0%, but right on the 36.0% average. The $26 B 52-week bill was awarded at 2.365%, through the 2.375% at the deadline, and above the 2.335% from July. Bids totaled $82.9 B for a 3.21 cover, up from 3.03 but not quite at the 3.25 average. Indirect bidders took 36.3%, below both the prior 42.2% and the 39.5% average.