It could not have been a better warmup for a Treasury auction.

This and the bidding change will cover all Treasury auctions.

Inflation reports on the days of the Treasury auctions do not make anyone's job easier.

And there are still questions about the strength of foreign participation in the Treasury auctions.

What effect all of this has had on the Treasury auction is hard to determine.

"The current state of the Treasury auction is very questionable," he said.

Japanese investors have long been important participants in Treasury auctions.

Finally, he said, with fewer players in the business the prospects for making money at a Treasury auction had increased.

Almost all the price movement came after the results of the Treasury auction were announced.

"This is the first Treasury auction in a month that has been fairly priced."