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on tuesday, september 10, the u.s. treasury auctioned $58 billion in three-year treasury notes. the auction was outstanding, with demand being the strongest since at least last summer.

the winning rate of this three-year u.s. treasury auction was 3.440%, a new low since august 2022. the last time it was reported was 3.810% on august 6. the pre-issuance rate of this auction was 3.457%, 1.7 basis points higher than the final winning rate. the gap was the largest since august 2023 and the fourth largest in history, highlighting strong demand.

the bid multiple for this auction was 2.66, compared with 2.55 for the previous auction and 2.56 for the previous six auctions.

direct bidders, a measure of domestic demand in the united states, including hedge funds, pension funds, mutual funds, insurance companies, banks, government agencies and individuals, were allocated 11.3%, the recent average of %.

as an indicator of overseas demand, indirect bidders, who are usually foreign central banks and other institutions that participate in bidding through primary dealers or brokers, received an allocation ratio of 78.2%, the highest allocation ratio for indirect bidders on record, compared with 64.4% last month.