Which is why the market barely moved after today's 2Y auction passed without a glitch. The auction also stopped through the 3.572% When Issued by 0.1bps, a smaller margin than last month's 1.5bps, but the fifth consecutive through in a row. The bid to cover dropped to 2.513, down from 2.691 and the lowest since October 2024; obviously it was below the six auction average of 2.605. The internals were also mediocre, with Indirects taking down 57.8%, up from 57.1% last month but below the recent average of 61.4%. Overall, today's auction was completely unremarkable, with all the metrics pricing well within safe parameters, and generating zero waves in a market that was much more focused on what Powell was saying at the same time.