Got to hand it to the Treasury, they pulled off a pretty good batch of auctions this week. The $27 billion of 7-year notes went off at a yield of 3.329%. That was better than pre
-auction talk of 3.36%. The bid-to-cover ratio was 2.82, up from 2.26 in the last auction and the highest since the Treasury started selling this maturity again in February. Indirect bidders took down 67.2% of the notes sold, more than double the 33% in the last auction and also the highest yet.