US treasury sells $44 billion of 7 year notes at a high yield of 5.085%

WI level at the time of the auction: 5.078% High yield: 5.085% Bid to cover: 2.42X vs the average of 2.49X Indirects: 57.2% vs the average of 64.6% Auction grade: C− The auction was a little softer than average. The 0.7-basis-point tail was wider than the 0.2-basis-point…