Treasury's $87 B 3- and 6-month bill auctions were ok
Treasury's $87 B 3- and 6-month bill auctions were ok, with a strong indirect bid for the shorter tranche. With rates in the 2.40%, the bills are quite attractive. The $48 B 3-month tranche stopped at 2.410%, through the 2.420% at the bid deadline, though is right on last week's award rate. There were $135.4 B in bids for a 2.87 cover, a little better than last week's 2.70%, but below the 2.96 average. Indirect bidders accepted 54.9%, also above the prior 50.7% and the 44.0% average. It's the strongest since March 2018. The $39 B 6-week bill was awarded at $ 2.415%, also richer than the 2.425% at the bid deadline, and compares to the prior 2.450%. Bids totaled 110.3 B for a 2.88 cover, just above last week's 2.86 but below the 3.01 average. Indirect bidders took 38.1%, a little greater than last week's 36.9% but less than the 42.7% average.