Treasury's $70 B bill auctions were rather well sponsored
Treasury's $70 B bill auctions were rather well sponsored. The $40 B 4-week bill stopped at 2.380%, right where it stopped at the bid deadline, and it compares to last week's 2.390%. Bids totaled $121.4 B for a 3.07 cover, better than last week's 2.81 and the 2.88 average. In fact, it ties for the highest since December 4. Indirect bidders accepted 30.0%, also better than the prior 22.4% and the 29.6% average. The $30 B 8-week bill also stopped on the screws at 2.390%, a little cheaper than the 2.375% previously. There were $97.3 B in bids for a 3.25 cover, better than both last week's 3.14 and the 3.21 average. It's the highest since mid December. Indirect bidders took 25.4%, less than the 35.8% previously and the 37.1% average.