Near End Buying Resumes

After the 3 year auction closed earlier, with a solid 2.82 bid to cover (presumably the 3 Yr is on the attractive side of the curve, the 10 Yr - not so much), the curve has again resumed steepening, with buyers easily preferring to bid on the left side of the 3 year. Thursday will be a major day: will Chinese students be laughing in Geithner's face again: a significant supply of 10 and 30 Years could make that very likely.

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