Foreign demand for the $69B 2Y Treasury auction cratered to 45.7%, lowest since Nov 2021, and the sale tailed by 0.3bp into the Fed. Direct bidders hit a record 41.3% while dealers took 13.0%, an ugly

What happened: The $69BN 2Y Treasury auction drew tepid demand ahead of this week's FOMC decision, with foreign demand falling sharply. Key numbers: High yield 4.708%, tailing the When Issued 4.705% by 0.3 bps, the biggest tail since March. Bid to cover 2.589, down from 2.627. Indirects took 45.7%, down from 57.8% in September and the lowest since November 2021. Directs rose from 29.0% to 41.3%, the highest on record. Dealers took 13.0%. Why it matters: The content describes the auction as surprisingly poor, with the collapse in foreign demand offset by record Direct demand. Coverage: 3 outlets in 24h

Weak foreign demand and a tailing 2Y Treasury auction ahead of the Fed decision.

Weak foreign demand and a tailing 2Y Treasury auction ahead of the Fed decision. — impact context not separately stored; see What changed.