U.S. Treasury Market Says Nuts to S&P Warning

In last weeks Treasury auctions, which was the first full week since the S&P warned on the U.S. deficit, the U.S. Treasury auctioned 2 year, five year, and 7 year Treasury bonds.  All sold with healthy bid-to-cover ratios at yields lower than the prior month auctions for the same bonds.

2 yr. Treasury, $35 billion, yield .673% (last month .789%), bid-to-cover 3.07, foreign purchasers 37.9%, direct 13.4%.

5 year Treasury, $35 billion, yield 2.124% ( last month 2.269%), bid-to-cover 2.78, foreign 40.0%, direct 11.2%.

7 year Treasury, $29 billion, yield 2.712% (last month 2.895%), bid-to-cover 2.63, foreign 39.1%, direct 7.85%.



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