U.S. Treasury auctions off $40 billion of three-year notes at a high yield of 4.534% | Forexlive

• High yield 4.534%
• Tail 0.2 basis points versus the six-month average of 0.3 basis points
• Bid to cover 2.88X versus the six-month average of 2.56X
• Dealers 10.8% versus the six-month average of 16.9%
• Directs 19.8% versus the six-month average of 18.6%
• Indirect 69.4% versus the 6-month average of 64.5%

Auction grade: A

All the components of the auction were better than the six-month averages. The dealers were saddled with much less than expectations