USD: Treasury sells $26B 5-year TIPS at 2.367% with 0.7bp tail
The US Treasury sold $26 billion of five-year Treasury Inflation-Protected Securities (TIPS) at a high yield of 2.367%. The source reports no currency price move, pip figure or technical levels. Demand was mixed. The Treasury had to offer a yield 0.7 basis point above the when-issued (WI) level to sell the issue, a larger tail than average. The bid-to-cover ratio was also below average, and indirect bidders took a smaller share of the auction. Strong direct bidding offset that softness and left dealers holding just 5.5% of the issue, well below average. For USD traders, the result points to softer broad participation, especially from indirect bidders, alongside solid direct demand. This leaves no clear directional signal for the dollar from the auction alone.
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