Jefferies economist Tom Simons said...>

US TSYS/BILLS: Jefferies economist Tom Simons said today's 4-week bill auction

"stopped at 0.995%, 0.5 bps short of where the WI was bid at 11:30AM," which is

"quite a change from last week, when the auction stopped on the screws at

1.015%. The more aggressive bid for today's auction, which is $5 bln larger than

last week, suggests that last week's apathy was primarily due to the crowded

auction calendar, with all 4 bill auctions on Tuesday."

- He adds "the 3.24 bid/cover is the best since Sept. 12th. Indirects remain

relatively inactive in the auctions, with a 22.7% takedown. Directs took down

11.9%, which is at the upper end of the recent range. Dealers took down 65.4% of

the auction, which is above average."