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Strong Demand For $24 Billion In 3 Year Paper In Today's First Treasury Auction

In the first of two Treasury auctions today, moments ago the US Treasury sold $24 billion in 3 Year paper at a high yield of 1.045%, stopping through the when issued by 0.5bps. The strong headline performance was somewhat unexpected in light of today's curve action, as well as the lack of any "specialness" in the 3Y repo market. Underscoring the strength of the auction, the bid to cover jumped from last month's 2.
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