Indirect bids came in at 31.4% as a measurement of foreign demand. Direct bids were 19.2%. These direct and indirect bids may be skewed as the markets are adjusting to international issues.
Yesterday’s 10-year Treasury note auction was mixed but actually had very little impact, if any impact at all, on the stock market’s strength as new highs were being put in. We would note that this was roughly the same size as the $13 billion 30-year auction from mid-March which went off at a 3.248% yield. The big difference is that the difference that this will cost in annual debt servicing for the Treasury is about $32.5 million per year or close to $975 million over the life of the issue.
Today’s auction is again being ignored by stocks as the DJIA is up 80 points and making a run at 14,900 with the S&P 500 Index up 8 points and only about 4 or 5 points shy of the 1,600 mark.
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