Treasury's $75 B 3- and 6-month bill auctions were ok, pricing tight
Treasury's $75 B 3- and 6-month bill auctions were ok, pricing tight and a little richer than last week's rates. The shorter bill underperformed. The $39 B 3-month tranche stopped at 2.405%, through the 2.410% at the bid deadline. And it compares to last week's 2.410%. Bids totaled nearly $112 B for a 2.90 cover, below both the 3.06 last week and the 3.13 average. Indirect bidders accepted 30.2%, also less than the 37.7% previously and the 42.3% average. The 6-month bill was awarded at 2.460%, inside the 2.465% at the deadline, and compares to last week's 2.470%. There were $113.9 B in bids for a 3.22 cover, stronger than both the 3.00 last week and the 3.12 average. Indirect bidders were awarded 45.3%, better than the prior 36.3%, but a bit below the 48.9% average.