US to sell $28 billion in 2-year notes today
The Treasury is selling $28 billion 2-year notes at 1 pm ET. It will be a key test of the bond market ahead of a week of supply that includes 5s on Wednesday and 7s on Thursday.
The on-the-run issue is trading at 2.219% in the market and these 2s are at 2.255% on the bid side in the when-issued market.
More importantly, 2s are trading at the highest yield since 2008 after a march higher starting in September.
Correct: A previous version of this story incorrectly listed the total of the sale at $25 billion
