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The US Treasury Department issued $92 billion in 3-month Treasury bonds, with a highest bid rate of 3.74%, and the indirect bidder allocation ratio dropped to 41%, the lowest since November 2024; The winning interest rate for the $72 billion 6-month Treasury bill is 3.84%, and the allocation ratio for indirect bidders is 56.4%. Oxford Economics analyst John Canavan wrote in a report that the record high auction size this week and the uncertainty of Federal Reserve policy are the reasons for the weak auction results.