Little Reaction to Treasury Auction Results
12-Jul-11 13:30 ET Dow -7.11 at 12498.65, Nasdaq -5.96 at 2795.74, S&P +0.10 at 1319.59 Results from an auction of 3-year Notes were posted about 30 minutes ago. The auction drew a bid-to-cover of 3.22, dollar demand of $103.0 billion, and an indirect bidder participation rate of 34.5%. For comparison, the prior auction produced a bid-to-cover of 3.28, dollar demand of $105.0 billion, and an indirect bidder participation rate of 35.6%. An average of the past six auctions results in a bid-to-cover of 3.19, dollar demand of $101.9 billion, and an indirect bidder rate of 33.9%. Treasuries haven’t really shown much of a response to the news.
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