#Treasury #Bonds #Auction #Fed #StellarDemand
🚨Record Direct demand at today’s 20Y auction: Priced at 4.613%, lowest since Oct ‘24, stopping through WI by 0.2bps (3rd consecutive). Bid-to-cover 2.74↑, highest since March. Directs surged to all-time high 27.9% as Dealers held just 7.6%. Solid result fuels 10Y yield drop pre-FOMC decision. 📉