US sells 5-year notes at 1.180% vs 1.165% WI bid

Results of the US $34B five-year auction

• Prior sale was 1.218%
• Bid-to-cover 2.27 vs 2.29 prior (lowest since 2009)

That's the second poor auction at the front end in a row. That will add to the ongoing flattener and might be a sign that the bond market is worried about a hawkish Fed.