The U.S. Treasury sold $8 billion of indexed TIPS bonds at a high yield of 1.97%
- Bid to cover came in at 2.42X versus 2.38X last
- Tail: +2 bps
- Dealers 4.3% versus 9.9% previously
- Directs: 19.6% versus 14.1% last
- Indirects 76.2% versus 76.7% last.
Strong domestic demand for the auction