The surprising demand for Treasury notes has come in the form of "direct bids", the term used for US institutional investors who bypass the so-called primary dealers that underwrite government bond sales.
"It appears to us that someone is trying to hide their apparent interest in owning these auctions from the rest of the market," said David Ader, strategist at CRT Capital.
The COT money flows reveal continue support for the 10- and 30-year bonds at an important technical juncture. This unusual and highly focused purchase is certainly not a coincidence.
Source: ft.com
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