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It was supposed to be getting better but they keep coming.

Eurodollar University

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The Three Year Auction Did Not Go as Well as the One in January

The bid to cover on the three year auction this week or this month was 2.33, way down from the 2.839 for last month and the internals were pretty messy too. In balance of probabilities into the future, that's less about where the Fed thinks repo rates are going to try to push today and tomorrow and more about what the Fed will maybe be forced to do even if it's not willing to do in the current period. Back in January, remember we had the hawkish FOMC meeting December but we also had CPI's that were looking relatively benign.

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