/ 178.36.123.* / 2010-03-16 21:51
Today's $31 billion 4 week auction produced another record. The indirect take down was a disappointing, and all time low, 13.2%, compared to a YTD average of 28.5%, while directs surged once again, hitting a new record high take down of 21.7%, with average YTD take down of 9.6%. The indirect hit ratio was 82.8%, with Indirect tenders to bid only $4.9 billion, with a $4.1 billion award. Most notably, for the first time in what appears history, the Direct take down was greater than the Indirects. At this point it is meritless to speculate who the directs are which now control nearly a third of every auction. Otherwise, the Bid To Cover was 3.79, down from 3.90 previously, and the lowest BTC Year To Date. This was accentuated by the High Rate of 0.135%, which was the highest since August of 2009. In a nutshell, the market is starting to look at tightening as a real threat.