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Stellar Record Big 5Y Treasury Auction Shows “No Fear” Of Inflation For Years To Come

Courtesy of ZeroHedge View original post here.

Following yesterday's stellar 2Y auction, moments ago the Treasury sold another record batch of paper, this time $51 billion in 5Y notes, up from $49 billion in July.

Following aggressive selling across the curve, there was a solid concession heading into the 1pm deadline, and sure enough just like yesterday, the high yield of 0.298% stopped through the When Issued 0.307% by 0.9bps, indicating that just like yesterday, virtually nobody is worried about inflation over the next 5 years.

And just like yesterday's 2Y auction, the bid to cover surged to 2.71, from 2.32 last month (and 2.49 for the six-auction average), which was the highest BTC since April's 2.74 and well above the 2.48 six auction average.

Finally, and also just like yesterday, the internals were impressive with Indirects taking down 66.2% of the auction, the highest take down by foreigners since August 2018. And with Directs taking down 15.9%, Dealers were left with just 17.8% of the auction which they can then flip back to the Fed, this was the second lowest Dealer takedown on record with just the 17.5% in August 2017 lower.

Overall, another stellar auction and one wonders if Powell's speech vowing he won't hike rates until 2060 has already leaked…


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