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Jefferies economist Tom Simons said...>

US TSYS/BILLS
US TSYS/BILLS: Jefferies economist Tom Simons said today's 3-month bill auction
"stopped 1 bps short as it stopped at 1.000%. The 11:00AM bill announcement
brought a $5 bln cut to tomorrow's 4-week bill auction, and the market rallied
as a result. Despite low yields, Indirect demand for both auctions was pretty
solid."
- But he added the 3-month auction's "3.11 bid cover is substantially lower than
last week." Meanwhile, "indirect bidders took down 42%, which is below the
recent average, but in line with what we saw prior to August 7th. Directs took
down 6.4%, which is close to average. Dealers took down 51.5%."

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