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Blistering Demand For Record Big 7Y Treasury Auction
After two ugly auctions to start the abbreviated Treasury week on Monday (due to the FOMC on Thursday), moments ago the Treasury sold another record-sized batch of paper, this time in the form of $44 billion of 7 Year notes, and unlike yesterday's 2Y and 5Y sles, this one went without a glitch. image As has been the case recently, the auction priced at a record low yield of just 0.446%, which was not only well below last month's 0.511%, but also stopped through the 0.452% When Issued by 0.6bps. The bid to cover was a slight drop from last month's 2.489 to 2.449, which was below the 2.54 six-auction average, but the ... (full story)