7 yr auction stats

As Janet Yellen has purposely focused Treasuring issuance on the shorter end of the yield curve, today’s 7 yr auction didn’t see the same level of supply and likely as a result was uneventful as compared to the mediocre 2 yr and the weak 5 yr. The yield of 4.109% tailed on very slightly vs the when issued of 4.106%. The bid to cover of 2.57 was a touch above the 2023 average of 2.54 but the level of direct and indirect bidders of 13.9% was a hair below the 2023 average of 13%.