The last time the yield on a 2-Year TSY auction was as high as it was today - 1.922% to be specific, tailing the When Issued 1.899% by 0.3bps - was just a few days after Lehman Brothers failed, with one difference: back then it was sliding, while now the rate on 2Y paper is surging, up from just 1.21% at the start of the year, and up from 1.765% just last month thanks to the latest Fed rate hike.
The Bid to Cover was only 2.515, a steep drop from last month's 2.725% and well below the 2.88 6-auction average; it was the lowst BTC since last December's 2.436%.
Internals - Indirect - Takedown - % - %
The internals were just as ugly, with the Indirect takedown sliding to 39.97% - the first sub-40% award since last December, and far below...
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One of the countries we liberated was Russia, too bad it seems to have cost us our liberty.