US sells 3-year notes at 4.660% vs 4.650% WI

<ul><li>Prior was 4.398%</li><li>Bid to cover 2.75 vs 2.90 prior</li></ul><p>The notes were trading at 4.650% in then 'when issued' market ahead of the sale.</p><p>"It was a very slow start to
the trading week with volumes low in Treasuries with 3-year yields effectively
unchanged going into the auction. Since the result, we've seen a kneejerk bear
flattening response," writes BMO after the sale.</p><p>This move is positive for USD/JPY, at the margins.</p>

This article was written by Adam Button at www.forexlive.com.