- The ‘when issued’ bid just before the sale was 1.480%
- Highest yield since July 2011
- Five-year Treasuries have been especially hard hit since the FOMC, rising approx 40 bps
- Bid-to-cover at 2.45 vs 2.79 at the previous auction
Demand was a touch soft compared to expectations but nothing to stir markets.
5 year note auction history
