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PostDirect bidders took a record-high 30.7%, and dealers were stuck with 16.9%, near a record. Domestic buyers and the deale…

16 September 2026
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The Macro Butler
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Direct bidders took a record-high 30.7%, and dealers were stuck with 16.9%, near a record. Domestic buyers and the dealers who must bid are now absorbing what the rest of the planet declines.
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TThe Macro ButlerAfter Treasury Secretary Scrooge Bessent declared the 10-year and 30-year sales "the most successful debt auctions in 20 years." This week the 20-year arrived, TThe Macro ButlerThe internals are the story: indirect bidders, the world's foreigners, took just 52.5% against a 68% average, a record low.
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TThe Macro ButlerThe successful auctions needed a sell-off first — that isn't demand for your debt, it's a discount on it.TThe Macro ButlerJapan — the most indebted nation in the history of civilisation — has hit upon a bold new fiscal strategy: spend dramatically more while collecting dramatically
TThe Macro ButlerThe Macro Butler@TheMacroButlerSubstack · channel · Business
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