Auction History: US to sell USD 28bln of 2-year FRNs at 16:30GMT/11:30EST
The upcoming auction of USD 28 billion in 2-year FRNs appears to be positioned amidst a backdrop of high discount margins, suggesting potential investor interest.
Fed's Barkin (2027 voter, Neutral) says they should not immediately assume that people will be displaced by AI; AI will provide opportunities for workers to do higher-skilled tasks
US Treasury Secretary Bessent says the US Treasury will continue to pressure Iran on weapons
Auction History: US to sell USD 28bln of 2-year FRNs at 16:30GMT/11:30EST
EIA Expectations: Crude 1.84M, Distillate -1.2M, Gasoline -0.272M
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- High Discount Margin: (prev. 0.10%, six-auction average 0.17%)
- B/C: (prev. 3.16x, six-auction average 3.32x)
- Dealer: (prev. 34.26%, six-auction average 30.53%)
- Direct: (prev. 0.00%, six-auction average 0.76%)
- Indirect: (prev. 65.74%, six-auction average 68.71%)
However, the bid-to-cover ratio indicates a slight decline from recent averages, which may signal muted demand. Dealers have shown increased participation this time, but the drop in direct bids raises questions about broader market confidence and could influence rates in the near term.
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