The U.S. Treasury has just sold its 3.625% 30-year Treasury bonds, or the so-called long bond, at a yield of 3.525%. The recent unsettling of the stock market recovery might have aided this offering, and a Greek bond offering for the first time in about four-years may have added more comfort into bidding on this bond auction.

What stood out was an impressive bid-to-cover ratio of 2.52, meaning that $2.52 worth of bids into the Treasury were submitted for every $1 accepted by the Treasury. The recent average had been put at 2.36 on the bid-to-cover. One issue that may have added to the bidding strength was that dealers were more than 38% of the auction.

What is most important here is that the auction was basically at the money with on the run Treasuries.

With the U.S. government still running large deficits and with the U.S. Debt Clock now above $17.5 trillion, the bond bears have to be wondering where on earth those higher interest rates are — and when those higher rates will finally come.

SEE ALSO: Why NBG Should Like Greece’s Bond Sale But Didn’t

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