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Ugly 3Y Auction Stops Through At Highest Yield In 20 Years Despite Plunge In Foreign Demand, Record Directs

Ugly 3Y Auction Stops Through At Highest Yield In 20 Years Despite Plunge In Foreign Demand, Record Directs With bond traders still bruised from the catastrophic, "mega-tailing" 5Y auction two weeks ago, some were looking toward this week's restart of Treasury coupon auctions with trepidation, although after the brutal selloff in recent weeks, there probably was enough concession to avoid another disaster. And sure enough, after we got the results of of today's $58BN three-year auction, everyone can exhale because the auction was a bit better... even if the internals...
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