PostThe bid-to-cover of 2.722 sat comfortably above the 2.621 average. Splendid. Now read the price: 4.474% is up from 4.291…

9 September 2026

The Macro Butler

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The bid-to-cover of 2.722 sat comfortably above the 2.621 average. Splendid. Now read the price: 4.474% is up from 4.291% in August and the highest since July 2024, so the auction went well in the sense that Washington paid handsomely for the privilege. The internals carry the usual quiet message — indirect bidders took 62.15%, down from 64.24%, while domestic directs jumped to 26.9%, the highest since February.

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The Macro Butler02:25After Labour’s Day, Uncle Sam sold $58 billion of three-year notes and — hold the applause — actually stopped through, pricing at 4.474% against a When Issued 4

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