...(the third consecutive stop through), but more importantly, with the yield sliding sharply from last month's 2.341%, it was the lowest 30Y auction yield on record!

And because stocks are trading at all time highs, it only makes "sense" that the 30Y should also price at the lowest yield on record.

The internals were solid as well, with the Bid to Cover dipping modestly from 2.54 to 2.43, which was still above the 2.32 six auction average. And with Indirect demand fading modestly from 63.0% in January to 61.5%, Directs were allotted 19.4%, leaving Dealers holding 19.1%, modestly below the recent average of 21.8%.