The auction came as investors are bracing for Fed policy makers’ two-day meeting that ends Wednesday, which will likely be used to lay the groundwork for a shift away from an easy-money stance this year, without taking policy action. The bid-to-cover ratio reflects demand from buyers compared with the amount of notes sold as a gauge of the success of the auction.Ībove-average bidding is usually a sign of robust appetite for the debt. Known as the long bond, was yielding 2.083%, up 2.1 basis points from 2.062% on Friday.Ī strong afternoon auction of short-term debt, highlighted appetite for Treasurys, helping briefly nudge yields lower, but rates turned up again as the session progressed and stocks switched from losses to eventual gains, rebounding from the brink of an intraday collapse.Ī $54 billion sale of two-year notes showed strong demand, with the so-called bid-to-cover ratio at 2.81 times, the highest since April 2020, well above the average bid-to-coverage ratio of 2.47 times, according to data compiled by Jefferies. The short-term not also saw its lowest yield since Jan. Was at 0.950%, off 4.3 basis points, versus 0.993% to end last week. Eastern Time, marking its lowest yield since Jan. 1.735%, down 1.2 basis points from 1.747% on Friday at 3 p.m.
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