Evaluating the Health of Yesterdays's US Treasury Auction

Yesterday's auctions raised approximately $75B 13-Week (CUSIP 912796CX5) and $68B 26-Week (CUSIP 912797JS7) in UST Bills. Both had bid-to-cover (BTC) ratios exceeding historical medians.

Figures 1 and 2 show the hostirical median and interquartile ranges on the distribution density diagrams (DDDs) indicated with the vertical orange dashed lines.

Figure 1: 13-Week Bill BTC Distribution Density Diagram

Figure 2: 26-Week Bill BTC Distribution Density Diagram

The blue line shows the BTC of the most recent auctions.