And so this week's accelerated Treasury auctions are over, with a $14 billion reopening of 29-year-11-month bonds pricing moments ago at a high yield of 3.100%, just barely tailing to the 3.099% When Issued - the first tail since February - but below last month's 3.13% as the curve continues to flatten.

Internals were stronger with Bid to Cover of 2.380 identical to last month, but below the 6 month average of 2.44. More notably, Indirects took down 62.2%, just under May's 62.7% which is also the 6 month average. And with Directs awarded 10.33%, or right on top fo the 6MMA, Dealers were left holding 27.5% of this week's final auction ahead of tomorrow's FOMC.

Overall, a quick and relatively painless sale of some $200BN in bill and coupon securities in just 48 hours, to a market which despite rising rates, continues to be quite receptive to all the issuance the US government can throw at it.

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