US sells 7-year notes at 4.399% vs 4.378% WI

Prior was 4.908%Bid to cover vs 2.70 prior

This auction is more than 50 bps below the sale from last month but demand was softer than anticipated, in part due to the outsided move lower in yields today following the comments from Waller. Overall, I’m not shocked at the 2.1 bps tail, though it it moderately supportive to the US dollar.

This article was written by Adam Button at