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Ugly 7Y Auction Tails As Foreign Demand Slides Despite Record High Yield

Ugly 7Y Auction Tails As Foreign Demand Slides Despite Record High Yield After yesterday's dismal 5Y aucton which pushed yields to multi-decade highs, moments ago the Treasury completed its last coupon auction of the week, selling $44 billion in 7Y paper. It was another ugly auction, if not quite as ugly as yesterday's shitshow. The sale stopped at a high yield of 5.085%, up from 4.512% a month ago and the highest yield on record for 7 Year paper! It was tailed the When Issued 5.078% by 0.7bps, the highest tail since March. The...
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