Sloppy 10 year auction but Market doesn’t care

The ugly 10 year auction caused barely a ripple in the market why? expecting something From Fed tomorrow more dovish then market pricing in? A weak CPI number ? after results hit wire 10s barley moved nor did 30s normally with an ugly auction we will some movement lower across complex but today nothing.market is telling us something. From IFR news ;

On the results of the $29 bn 1-year-re-opened auction some chunky leveraged selling was noted in futures—5k USU sold and 45k TYU sold.
*The heavy sales, however, have been absorbed—said to be spec, day-traders shorts behind the buys on the dip

Arrow indicates when results hit wire
Bid to cover below the last 6 average and big drop from last month
Indirect bidders a proxy for Foreign Demand also below last 6 auction average and near lowest levels this year

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