According to Delta壹, the yield at which the US 30-year Treasury bonds were auctioned was 5.441%, higher than the when-issued yield of 5.437%, resulting in a tail of 0.4 basis points. The stop-out yield at the previous auction was 5.618%. The bid-to-cover ratio for this auction dropped from 2.54 previously to 2.36, the proportion allocated to indirect bidders fell from 72.3% to 68.1%, and the allocation to direct bidders decreased from 20.9% to 20.5%. The post interpreted the tail and the decline in the bid-to-cover ratio as a sign of weakening demand; here, "tail" refers to the difference between the auction pricing and the when-issued level, rather than late-session trading performance.