Treasury's $85 B 4- and 8-week bill auctions were soft and lackluster
Treasury's $85 B 4- and 8-week bill auctions were soft and lackluster, even though award rates have cheapened. The $50 B 4-week offering stopped at 2.400%, right on the money. But it is a little cheaper than the 2.375% stop last week. There were nearly $128.8 B in bids for a 2.61 cover, just off the 2.88 from last week, and the 2.76 average. Indirect bidders accepted 45.1%, in line with the prior 45.7%, though marginally above the 41.4% average. The $35 B 8-week sale was awarded at 2.390%, also on the screws, and is also above last week's 2.375%. Bids totaled $102.9 B for a 2.95 cover, a little weaker than last week's 2.99 and the 3.06 average. Indirect bidders took 36.4%, better than the 30.6% previously and the 40.4% average.