Bonds & credit
A 5.30% Treasury Auction: A Yield Signal That Is Easy to Misread
An auction yield of 5.300% and a bid-to-cover ratio of 2.77 measure different things. Separate price, participation and supply to understand the signal.
Bond supply and demand
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Bonds & credit
When Selling Treasuries Is Difficult, There Is Another Route to Cash
Treasury buybacks add a buyer, but institutions that need temporary cash can also borrow against their holdings. Repo markets, the discount window, and standing repo operations provide different layers of protection against forced bond sales.