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TThe Macro ButlerThe Macro Butler@TheMacroButlerSubstack · channel · 449 subscribers

PostThe successful auctions needed a sell-off first — that isn't demand for your debt, it's a discount on it.

16 September 2026
T
The Macro Butler
The successful auctions needed a sell-off first — that isn't demand for your debt, it's a discount on it.
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TThe Macro ButlerThe internals are the story: indirect bidders, the world's foreigners, took just 52.5% against a 68% average, a record low.TThe Macro ButlerDirect 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 t
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TThe Macro ButlerThe Macro Butler@TheMacroButlerSubstack · channel · Business
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