• The real yield came in 19 basis points below a similar reopening auction in November 2018, just two months ago.
• The inflation breakeven rate of 1.82% was the lowest for this term since an auction in September 2017, a positive for investors.
• End result: No surprises, because the real yield came close to the Treasury’s real yield estimates of the last two days.

Read my full analysis on SeekingAlpha.com