Monday’s sale of 3-year Treasury notes was met with low demand, with primary dealers taking a larger-than-normal portion of the sale to make up for a lack of enough indirect bidders, according to Tom di Galoma, co-head of global rates trading for BTIG in New York. Two- and 10-year Treasury yields remained higher immediately after the auction results came in. The sale of 3-year notes is set to be followed at 1 p.m. Eastern time on Monday by a second sale of $37 billion in 10-year notes. Due to the lack of major economic data releases on Monday, traders were looking to both auctions to set the tone for the day.
