Mediocre 2Y Auction Stops Through, As Foreign Buyers Fail To Step Up

At the start of a new week of coupon issuance, the market (the bond market at least) has been remarkably stable, with yields today barely budging and trading where they closed last Friday, just around 4.13%. Which is why the market barely moved after today's 2Y auction passed without a glitch. The first coupon auction of the week closed without a glitch, with the $69 billion in 2Y bonds offered pricing at 3.571%, down from 3.641% last month and the lowest since Sept 2024 when the US underwent its latest...