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)