The U.S. Treasury Department successfully issued $44 billion of 7-year notes with a winning yield of 4.215%. This comes after pre-auction trading levels marked a yield of 4.235%, following a sell-off that increased the yield by approximately 4 basis points. This auction resulted in the highest yield for the 7-year notes since June.
After the auction results were announced, U.S. Treasury yields recouped some losses, with the yield for the same tenure gaining less than 2 basis points within the day. Consequently, the yield curve spread retreated from its intraday high.
