The bid yield of the two-year US Treasury notes auction was lower than the pre-auction trading levels.

The US Treasury Department auctioned off $69 billion in two-year bonds, with a bid yield of 3.920%. At the deadline of 11:30 New York time, the pre-issuance trading level was 3.925%, with little change during the day. The market reacted minimally to the auction results. Primary dealers were allocated 10.3%, lower than before, while direct bidders saw an increase in their allocation to 34.4%, and indirect bidders saw a decrease to 55.3%. The bid-to-cover ratio was 2.62, in line with the average of the previous six auctions.