Treasury 10-Year Auction Indirect Bidder Share

## What this measures

Indirect bidder awards as a percentage of competitive awards at each 10-year note auction. Indirects are, in the main, foreign official and institutional accounts bidding through primary dealers.

## Why it matters

This is the plainest reading of whether the rest of the world is still funding the United States at the offered yield. A falling share pushes the marginal buyer back onto domestic dealers and the Fed — a structural, not cyclical, shift.

## Source

TreasuryDirect auction results (public-domain). One point per auction, dated on auction day.