US sells 7-year notes at 4.276% vs 4.279% WI

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  • Prior was 4.650%
  • Bid to cover 2.58 vs 2.43 prior

Yields steadily fell today ahead of the auction after a grind higher yesterday. We haven’t seen a coupon auction tail since the 3-year offering on June 10th. Since then, 2s, 3s (just now) 5s, 10s, 20s, 30s, and 5-year TIPS all stopped-through.

I wouldn’t expect much of a follow-through here in bonds or USD/JPY but it underscores that there are real money buyers of bonds waiting in the weeds. The question is: Will that change if PCE on Friday runs hot?

This article was written by Adam Button at

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