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Jefferies money market economist......>

US TSYS/BILLS
US TSYS/BILLS: Jefferies money market economist Tom Simons said today's 4-week
bill auction "stopped at 1.015%, right where the WI was bid at 11:30AM. This is
the first stop above 1% for a 4-week bill since September 9th 2008, excluding a
stop at 1.300% on September 5th, 2017 that was distorted by debt ceiling
concerns."
- He added that "the 2.90 bid/cover is the lowest since August 1st, 2017.
Indirects remain relatively inactive in the auctions, with a 17.1% takedown.
This is their smallest takedown since July 5th, 2016. It isn't clear if
Indirects were apathetic because of the large amount of supply auctioned today
or if it had more to do with the awkward and unusual timing of the auction
today. One would have figured that a 1% yield would have drawn in more bidders."
- He said that "directs took down 6.1%, which at the lower end of the recent
range. Dealers took down 76.8% of the auction, which is above average."

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