U.S. Treasury sells $69 billion of 2 year notes at a high yield of 3.571%

• High-yield 3.571%
• WI level at the time of the auction 3.572%
• tail -0.1 basis points versus 6 month average of -0.5 basis points.
• Directs 30.77% versus 6 month average of 27.3%.
• Indirects 57.75% versus 6 month average of 61.4%
• bid to cover 2.51X vs 2.61X

An average auction. Not too great. Not too bad.