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

<ul><li>High yield 4.534%</li><li>Tail 0.2 basis points versus the six-month average of 0.3 basis points</li><li>Bid to cover 2.88X versus the six-month average of 2.56X</li><li>Dealers 10.8% versus the six-month average of 16.9%</li><li>Directs 19.8% versus the six-month average of 18.6%</li><li>Indirect 69.4% versus the 6-month average of 64.5%</li></ul><p>Auction grade: A</p><p>All the components of the auction were better than the six-month averages. The dealers were saddled with much less than expectations</p>

This article was written by Greg Michalowski at www.forexlive.com.