If yesterday’s 2 Year auction was surprising strong, then the week’s second, today 5 Year auction which conluded moments ago, was the very opposite, and can only be described as weak: at a high yield of 1.80%, this was not only the highest yield since May 2011, it was also a notable 0.7 bps tail to the 1.793% When Issued. The internals were just as messy, with the Bid to Cover sliding to 2.56, far below the recent average of about 2.80, and the lowest since December 2013.