Treasury's $105 B in 3- and 6-month bill auctions were ok, but a little below average

Treasury's $105 B in 3- and 6-month bill auctions were ok, but a little below average. However, they continue to price aggressively just off of historically low rates. The reduction in aggregate supply with the end of the two tranches of CMBs continues to support while analysts wait for new on another stimulus plan and hence revised borrowing projections. The $54 B 3-month cleared on the screws at 0.030%, right where it traded at the bid deadline. And it is 1 bp richer than last week's 0.040% and is now the second lowest stop in history(the lowest of the year, and the richest since March 23's 0%). There were $153.7 B in bids for a 2.88 cover, a little firmer than the 2.72 last week, but a little below the 2.92 average. Indirect bidders accepted 41.2%, just below the prior 51.7% last week and the 44.7% average. The $51 B 6-month tranche stopped at 0.045%, also right where it traded at the deadline. And it is 1.5 bps richer than the 0.060% previously. Bids totaled $141.9 B for a 2.81 cover, also below last week's 3.02 and the 3.20 average. Indirect bidders took 34.2%, much less than the prior 48.9% and the 53.1% average.