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Dealers Rescue Very Weak 2 Year Auction As Indirects Flee From Short End, Despite Record Low Yield

Following recent speculation originating from Bill Gross that Operation Twist would materialize possibly as soon as last week's FOMC statement and cap rates on 2-3 Year Bonds, the yield on the 3 Year had fallen to unprecedented low levels. Well, the FOMC came and went, and now everyone has to wait until this year's version of Jackson Hole for OT2 to come to market. However, many have decided not to wait.
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