US treasury to auction $31B of 7 year notes at 1 PM ET/1700 GMT

WI is currently trading at 3.03% - 3.025%

The US Treasury will return to action today after a day off yesterday before the FOMC decision. They will auction $31B of 7 year notes. The WI yield is trading at 3.03% - 3.025% currently. The 2 and 5 year auctions earlier this week were not enthusiastically received with tails above the WI level and bid to covers that were on the light side.

The Bid to cover at the last auction was 2.65x. The last 12 auctions come in at:

1. 2.65
2. 2.49
3. 2.53
4. 2.62
5. 2.56
6. 2.34L
7. 2.49
8. 2.73H
9. 2.55
10. 2.36
11. 2.39