Indirects faded. 59.5% taken. Six-month average sits at 61.9%. Dealers got hit with 17.5%. Normal is 13.9%. “Indirect bidders… took 59.5% of the issue, below their six-month average of 61.9%… dealers absorbed a heavier-than-average 17.5%.” https://finance.yahoo.com/news/us-treasury-sells-25b-30y-175706796.html
🚨 The U.S. just auctioned off $25 billion in 30-year bonds.
And the results were bad. Really bad.
Weak demand, rising yields, and big warning signs for America’s debt future.
(a thread) pic.twitter.com/BddseYw014
— StockMarket.News (@_Investinq) August 7, 2025
Bid-to-cover ratio dropped to 2.27. Previous was 2.38. Auction grade: D. “The auction had a bid to cover ratio of 2.27X, which is less than the six-month average of 2.38X… dealers took 17.5%, higher than the six-month average of 13.9%.” https://www.vtmarkets.com/live-updates/the-u-s-treasury-sold-25-billion-in-30-year-bonds-receiving-a-low-demand-rating-of-d/
$9.2 trillion rolls over this year. Old debt borrowed near zero. New debt priced near 5%. “The outsized U.S. national debt has ballooned to $36.2 trillion, and a staggering $9.2 trillion of it is set to mature in 2025… With the average interest rate on U.S. Treasury debt now at 3.2%—the highest since 2010—rolling over this debt at current yields will be expensive.” https://finbold.com/9-trillion-of-us-debt-will-mature-in-2025-should-investors-be-worried/
Buybacks doubled. Issuance flat. Treasury skipped the signal. “The Treasury announced that it’s increasing the frequency of liquidity support buybacks in both the 10- to 20-year and 20- to 30-year nominal buckets to four times per quarter from two currently.” https://money.usnews.com/investing/news/articles/2025-07-30/us-treasury-keeps-notes-bonds-auction-sizes-steady-increases-debt-buybacks
Foreign demand thinning. Dealer load rising. Buybacks ramped. Yields climbing. Maturity wall approaching. Ceiling in sight. Cash pile shrinking. No forecast. Just silence.