US treasury auctions off $35 billion of the 10 year at high yield of 4.14% | Forexlive

• High yield 4.14%
• WI level at the time of the auction 4.106%
• bid to cover 2.23X vs. the six-month average of 2.41X
• Tail 3.4 basis points vs. six-month average of 1.3 basis points
• Directs 18.1% vs. six-month average of 18.8%
• Indirects 57.5% vs. six-month average of 64.8%
• Dealers 24 4% vs. the six-month average of 16.4%

Auction grade: F

The high yield was much higher than the WI level (3.4 basis points).

The bid to cover was weak compared to the six-month average.

Domestic demand was below the six-month average.

International demand (indirects) were very weak.

The tail was the biggest since at least 2016.

The dealers were saddled with a much larger percentage than normal.