A 247wallst.com article reports that at the November 9, 2026 auction of $58 billion in three-year notes at a 4.627% high yield, indirect bidders who usually stand in for foreign demand took their smallest share in 15 months, 55.5%, while direct bidders took a record 35.0% and primary dealers just 9.5%. The article holds the primary dealers' low share argues against calling the sale a failure and that one auction alone does not set a trend.