The US treasury auctioned off $35 billion of 7 near notes at a high yield of 3.921%. That was about one basis point higher than the WI level at the time of the auction:

  • Bid to cover 2.45X
  • Directs took a 16.17%
  • Indirects took 68.08%
  • Dealers took 15.75%

Not a great auction.