U.S. 7-year Treasury auction yield hits highest since 2009.

The U.S. Treasury issued $44 billion of 7-year notes at a high yield of 5.085%, the highest since the maturity was reintroduced in 2009. The when-issued level at the 1 p.m. New York bidding deadline was 5.078%, indicating demand fell short of expectations. At the bidding deadline, the when-issued yield was little changed on the day, and the market's reaction to the auction result was also minimal.