U.S. Treasury auctions off $22 billion of 30 year bonds at a high yield of 4.876%

WI level at the time of the auction 4.871% High yield 4.876%Level at the time of the auction 4.871% Tail 0.5 basis point versus auction average of -0.3 basis pointsBid to cover 2.39X versus auction average of 2.42XDirects 24.23% versus auction average of 24.0%Indirects 64.14% versus auction average of 66.0%Dealers 11.62% versus 6 auction average of 9.9%AUCTION GRADE:… High yield 4.876% Level at the time of the auction 4.871% Tail 0.5 basis point versus auction average of -0.3 basis points Bid to cover 2. High yield 4.876% Level at the time of the auction 4.871% Tail 0.5 basis point versus auction average of -0.3 basis points Bid to cover 2.39X versus auction average of 2.42X Directs 24.23% versus auction average of 24.0% Indirects 64.14% versus auction average of 66.0% Dealers 11.62% versus 6 auction average of 9.9% AUCTION GRADE: D+ I was tempted to give a C- but tipped the grade to a D+.… 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.