5-Year Note Auction Results

Yet another treasury auction that can only be classified as “it's not a problem until it becomes a problem". Direct bidders, anonymous and impossible to track, took down 15% of the total accepted bids. This is a big number that as little as a year ago was running 1-2%. The rising trend towards direct bidder purchasing raises the logical question of who and why? It really doesn't take much to come up with an answer to that. As long as no one is looking, it's simply not a problem...yet.

5-Year Note Auction Results:


Source: treasurydirect.gov