7 yr auction weak
After a soft 2 yr auction and a mixed 5 yr, today’s 7 yr Treasury auction was weak. The yield of 4.399% tailed by more than 2 bps. Also, the bid to cover of 2.44 was below the one yr average of 2.53 and the lowest since April. And, dealers got stuck with 20% of the auction which is the most since November 2022.
Keep reading with a 7-day free trial
Subscribe to The Boock Report to keep reading this post and get 7 days of free access to the full post archives.