Treasury 7-Year Auction Draws Weakest Demand in Two Years: Chart

Treasury’s $29 billion sale of seven-year notes drew a yield of 2.72 percent, with a bid-to-cover ratio of 2.34, the lowest since February 2016. In another sign of weak demand, primary dealers, which are obligated to bid, took 32.1 percent, the largest share in more than two years. Indirect bidders, which include pensions and mutual funds, bought 55.8 percent, compared with the 65.7 percent average over the past 10 auctions. Direct bidders purchased 12.1 percent.

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