Results of the US 2-year note auction
- Was trading at 0.740% on the bid side in the when issued market
- Prior was 0.920%
- Bid to cover at 2.72 vs 3.00 prior
The market has shifted a long way from a month ago when the Fed was stoking rate hike talk.
It's the lowest yield since September but had the auction gone down last Wednesday, it would have been 10 basis points lower.