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Results out: only $14.4 billion indirects tendered out of total $57 billion competitive. Of the $14.4 billion, $10.4 billion was allocated. Indirect bids 45.7% vs. Avg. 35.25% (Prev. 32.11%). Indirect bid-to-cover was 1.39. Overall bid-to-cover including highly motivated primary dealers was 2.49. Allocated at 3.734% high yield vs expected 3.708%.

6 bps widening in a disappointed market. A weak auction that drives equities higher. Red bull must be flowing in the momo desks today.

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Source: Weak Fed Auction Drives Equities Higher