The U.S. Treasury sold $70 billion of 5 year notes at a high yield of 3.615%:
- WI level at the time of the auction 3.608%
- Tail 0.7 basis points v 6 month average up 0.3 basis pointss
- Bid to cover 2.32X versus 6 month average of 2.36X
- Dealers 12.8% versus 6 month average of 10.1%
- Directs 24.7% versus 6 month average of 28 5%
- Indirects 62.5% versus 6 month average of 61.4%
AUCTION GRADE: C-
The tail was positive indicative of below average demand. The Bid to cover was also lower than the expectations. Domestic demand as measured by direct bidders was lower than the six-month average. The international demand was just above the average. Dealers were saddled with more than the average seen over the last 6 months.
The US yields today are modestly with the 10 year yield up 0.7 basis points 4.04%. The 2-year yield is up 1.5 basis point at 3.471%. US dollar remains mostly lower with the greenback lower versus the EUR, GBP, CHF, CAD, AUD and NZD. The USD is still higher vs the JPY.
Bitcoin is higher by $4600 or 7.20%.
Gold is higher by $64.99 or +1.26% and Silver is up $3.87 or +4.45%.
US stocks are higher with the Nvidia earnings expected after the close. The S&P is up 0.74%. The NASDAQ index is up 1.14%. Nvidia shares are currently up 2.07% $196.84. It’s high price today reached $197.63. The swing high from earlier in February reached up to $198.73. Getting above that level and traders will start to look toward the all-time high price of $212.19
