FED PUMP> Looks like they had a bad bid yesterday
and had to step in to help. If foreigners stop stepping up to the plate on the bids, could put the FED in a Fix. Keep an eye out.
Reuters
U.S. Treasuries trim gains on tepid auction
Wednesday August 25, 1:25 pm ET
NEW YORK, Aug 25 (Reuters) - Treasury debt prices pared their gains on Wednesday after an auction of new U.S. government debt drew only tepid demand.
The $24 billion in new two-year Treasury notes went at a high yield of 2.494 percent. It drew bids for 2.19 times the amount on offer, below July's 2.36 but in line with the 2.20 average for the year so far.
Indirect bidders, including customers of primary dealers and foreign central banks, picked up $10.46 billion or almost 43.6 percent of the whole issue. That was down from the huge 57 percent taken in the July auction but still relatively high in historical terms. Primary dealers themselves got $12.52 billion of the sale.
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