- Prior was 3.500%
Yesterday's 2-year sale stopped through by 1.4 bps and so did this one. Real money is still buying bonds, especially at the front end and we've seen some follow through after this auction in the cash market.
While this is well-above the prior auction, it's still far below Fed funds at 5.00-5.25% and the belly of the curve remains the most expensive.
