Foreign-Linked Buyers Took Their Smallest Share of a 3-Year Treasury Auction in 15 Months
The U.S. Treasury sold $58B in 3-year notes at 4.627% yield. Indirect bidders, including foreign central banks, took 55.5%, the lowest share in 15 months. Direct bidders took 35%, the highest since at least 2018. Treasury ETFs (SHY, IEF, TLT) showed minor price changes. The auction's lower yield contrasts with market expectations of a Fed rate hike.

