The US treasury auctions off $58 billion of 3 year notes at a high yield of 3.897%

WI level at the time of the auction 3.909% High-yield 3.897%WI level at the time of the auction 3.909% Tail of -1.2 basis points versus 6 auction average of -0.3 basis points . Bid to cover 2.68X vs 6 auction average of 2.66XDealers 13.28% versus 6 auction average of 12.3%.Directs 11.9% versus 6 auction average of 25.8%.Indirects 74.8%… High-yield 3.897% WI level at the time of the auction 3.909% Tail of -1.2 basis points versus 6 auction average of -0.3 basis points . High-yield 3.897% WI level at the time of the auction 3.909% Tail of -1.2 basis points versus 6 auction average of -0.3 basis points . Bid to cover 2.68X vs 6 auction average of 2.66X Dealers 13.28% versus 6 auction average of 12.3%. Directs 11.9% versus 6 auction average of 25.8%. Indirects 74.8% versus 6 auction average of 61.9% The international buyers were the heavy lifters in the auction with… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.