US treasury auctions $42B of two-year notes at a high yield of 4.67%

<ul><li>High-yield 4.67%</li><li>WI level at the time of the auction 4.678%</li><li>Bid-to-Cover 2.86X versus 6 month average of 2.71x</li><li>Tail -0.8 bps versus a 6 month average of -0.2bps</li><li>Directs (a measure of domestic demand) 18.2% versus 6 month average of 20.0%</li><li>Indirect (a measure of domestic demand) 68.5% versus 6 month average of 61.9%</li><li>Dealers:( dealers take the rest) 13.3% versus a 6 month average of 18.1%)</li></ul><p>Strong international demand. </p>

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