Today’s Treasury auction for short-term debt (13 and 26 week Bills) was daunting.
Specifically, the bid-to-cover ratio (the ratio of the number of bids received in a Treasury security auction compared to the number of accepted bids) fell to the lowest level since late 2008. For the 13-month bill,
For the 26 week Bill,
Notice that the bid-to-cover ratio for 26-week US Treasuries started to fall as The Fed’s asset purchases of T-notes and T-bonds slowed.
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