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Strong 7Y Treasury Sale Sends Yields To Session Low In Final 2025 Auction
After two poor, disappointing coupon auctions earlier this week, when global yields were surging thanks to the circus that is Japan, we have come to the final note auction of the year, and yes... this one was not quite as bad. The sale of $44BN in 7Y notes priced at a high yield of 3.930%, up from 3.781% in November and the highest since July. That said, the auction stopped through the 3.933% When Issued by 0.3bps, and followed 4 consecutive tailing auctions. chart The bid to cover was 2.509, up from 2.459 last month and the highest since July, if just below the six-auction average of 2.520. Unlike the week's ... (full story)