results for auction of $38 bln of 3 yr notes

• high yield at 1.487%
• 54.6% of bids at high yield
• median yield at 1.43, right with current trading
• BTC very healthy at 3.02
• Indirect Bid takes 20.51 (54%)

Overall a great auction in terms of demand, but offset to an extent by high yield.  Indirect has been higher, but still good.  Reaction thus far is quite muted with no major moves out of the range in either stocks or bonds.  More to follow in the Lunch Commentary...