Solid 3Y Auction Stops Through Ahead Of Tomorrow's CPI Report Ahead of tomorrow's CPI report (which will come in tame thanks to continued housing disinflation), moments ago the US Treasury sold its first refunding auction, which came in very strong, stopping through the When Issued, and with above par metrics. Pricing at a high yield of 4.291%, up from 4.179% in July and the highest since Feb 2025, the auction stopped through the When Issued 4.296% by 0.5bps, the 2nd consecutive through auction. The bid to cover rose to 2.712, up from 2.600 and the highest since November; it was obviously well above the six-auction average of 2.606. The internals were also solid, with Indirects awarded 64.24%, down slightly from 67.50%...
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