Treasury's $26 B 52-week bill results were very strong
Treasury's $26 B 52-week bill results were very strong, in line with the demand for the entire Treasury complex. It priced strong at 2.360%, after cheapening to 2.380% at the bid deadline. The rate is identical to March's stop and is the richest since July (November's award rate was as high as 2.645% amid Fed fears, before the FOMC began to take its foot off the brakes following the December hike). Though the bid cover fell to 3.44 from 3.69 last month, it's still better than the 3.35 average. Indirect bidders took a huge 64.4%, well above the prior 44.1% previously and the 46.1% average. Indeed, it's the best since July 2009. Direct bidders were awarded 1.9% versus 7.3% (7.5% average).