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When the Treasury Department reports the results of the auctions—for background on how the Treasury auctions work, see here—it divides purchasers into direct customers—U.S.-based broker-dealers who purchase bonds for their own accounts or for customers—and indirect customers. Indirect customers are mostly—not necessarily all—foreign investors. And foreign investors are mostly central banks. On June 14, the government sold $15.2 billion in 13-week bills and $13.8 billion in 26-week bills. Indirect bidders bought 28 percent and 22 percent of these issues, respectively. On June 10, the Treasury sold $9.9 billion in 10-year notes; indirect bidders bought 39 percent of it. On June 9, indirect bidders bought a whopping 57 percent of the $14.8 billion in five-year notes issued.

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