"The five-year notes were sold with a high yield of 3.55 per cent and attracted bids worth 2.6 times the paper on offer. Indirect bidders, often seen as a proxy for overseas central banks , took 65.8 per cent of the notes, easing fears the decline in the dollar would weaken demand." - FT
It is a tough call here whether fighting a bunch of central banks (or in my case picking sides in a fight against central banks) is the right thing to do or not. The only reason I would consider it is that other central banks (Russia, India, Indonesia...), some sizeable institutional investors, and those greedy bastards at OPEC are all taking my side. Also, the central banks doing the buying are already long and wrong. With gov't backing they may not need to stop out as quickly as some but they feel pain just like any investor and they have limits. The Fed meeting should really get interesting as I swear Fed officials have been doing their best to talk rates higher and getting no results.
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