>>512056811
they are likely lower b/c people are shuffling to cover shorts on treasuries?
idk
you have to see if the auction demand is public, primary dealer or treasury at the treasury site

b/c the treasury is ALSO buying in the market
that was the complaint of miran in the paper i was originally going to do part 4 of 4 on, which is pic related
in pic rel ATI refers to the treasury buybacks, which also skew the available maturity curve in the secondary market
it depends WHO is buying during the auctions
and when the treasury buys, it circumvents the Fed