5 Year Treasury Auction Results

The Bid to Cover dropped and the rate moved higher on the five year. We'll see if this sets up the beginning of a trend. We've seen interest rates on the med to long term notes continue to drift higher while rates are next to nothing on the bills. Bid to Cover seems to be weakening a bit on the the term notes. We've got another auction tomorrow - 7 Year Note. It will be interesting to see how much participation there is in the auction from US Government.