The U.S. Treasury sold $69 billion of 2 year notes at a high yield of 3.936%

WI level at the time of the auction 3.908% The US treasury sold $69 billion of 2 year notes at a high yield of 3.936%WI level at the time of the auction 3.918%Tail 1.8 basis points vs 6 month average of -0.2 basis pointsBid to cover 2.44X vs 6 month average of 2.62XDirects 16.5% versus 6 month average… The US treasury sold $69 billion of 2 year notes at a high yield of 3.936% . WI level at the time of the auction 3.918% Tail 1.8 basis points vs 6 month average of -0. The US treasury sold $69 billion of 2 year notes at a high yield of 3.936% WI level at the time of the auction 3.918% Tail 1.8 basis points vs 6 month average of -0.2 basis points Bid to cover 2.44X vs 6 month average of 2.62X Directs 16.5% versus 6 month average of 32.1% Indirects 59.3% versus 6 month average of 57.2% Dealers 24.12% versus 6 month average of… For traders, releases like this can quickly shift rate expectations, currency direction, index futures and broad risk sentiment. Watch the next move in the dollar, front-end yields and index futures to see whether the market prices this release as a true surprise or only a passing headline.