Bonds

from Bloomberg.com.........The run of strong coupon auctions has come to an end. The size of yesterday's record $34 billion 5-year auction appears to have been too big. Coverage was just above 2 at 2.02, sizably below the long-term average of 2.31, while the stop-out rate was far above expectations, nearly 5 basis points above expectations at 1.849 percent. Non-dealers showed limited interest with indirects taking down a sub-par 30 percent of the offering. Yesterday's results will raise questions over demand for today's $24 billion auction of 7-year notes. Money moved out of Treasuries in immediate reaction to yesterday's auction.