Treasury yields spiked initially on the auction, but then they read my previous blog and decided to start buying again.  10 minutes into the news, we're a few ticks better off than before.  The 2.28 BTC was pretty good but not amazing.  32% indirect bid is a welcome step up from previous auctions though also not stellar.  It's a solid B+ and would dovetail nicely into a friendly Fed announcement.  Perhaps the best part of this auction is that it somewhat corrects the severity of the recent steepening sentiment.  Stay tuned for more developments as volatility may be quite high (in other words, be happy, but don't get too excited).