All in all, this auction was right down the middle.  Average bid to cover, no shock on high yield, or % at high yield, and an average indirect bid.

So Far, not much of a reaction from anything.  If a directionality had to be divined from the tea leaves, it looks like there is more selling pressure than buying.  MBS are down a tick or two, and tsy's have not rallied, but have also not sold more than a tick.  We're still well above intraday support on MBS, so it's reasonably safe to watch and wait for now, and we'll let you know if we violate support on the downside.