The Treasury Department sold $44 billion in 2-year notes at a yield of 0.88% on Wednesday. That’s the second-lowest — 0.82% previous — yield on record.
- Bid To Cover 3.13 times more debt than was being offered vs 3.23 times at the past four sales of 2-yr debt
- Indirects bought 43.1% vs Avg. 42.3%
- Directs bid only 10.8% vs Avg. 15.5%.
- Alloted at high 88.79%
Today’s auction is the first leg in a $118 billion set of sales this week.