Two year Treasuries move pretty well

The 20-year TIPS auction was a dog. But the auction of $40 billion of 2-year notes went over much better. The notes sold at a yield of 0.925%, a bit below pre-auction talk of 0.939%. The bid-to-cover ratio was a lofty 2.69, the most at any sale since October 2007. Indirect bidders took down 34.6% of the sale -- not great, but not bad either. Bond prices popped to their day's high in the wake of the auction results.