US treasury auctions off $70 billion of 5-year notes at a high yield of 4.071%

• High-yield 4.071%
• WI level at the time of the auction 4.075%
• Tail -0.4 basis points vs six month average of -0.5 basis points
• Bid to cover 2.39X vs six month average of 2.4X
• Directs (measure of domestic demand) 12.4% vs six month average of 20.2%
• Indirects (measure of international demand) and the 8.4% vs six month average of 68.2%

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This article was written by Greg Michalowski at www.forexlive.com.