A very good 7 yr auction

After an uneventful 2 yr note auction and a poor 5 yr, today's 7 yr was much better. The yield of 4.098% was about where the when issued was trading but the bid to cover to 2.70 was well above the 12 month average of 2.51 and that is the highest since March 2020 when we were all in a Covid shutdown panic. Direct and indirect bidders took down 89% of the auction which is just above the one yr average of 87%.