Treasury’s $38 billion of 7-year notes comes in ‘solid,’ sending yields toward intraday lows

Treasury’s sale of 7-year notes Thursday afternoon “was solid,” adding to the bullishness seen throughout the day, according to BMO Capital Markets strategist Ben Jeffery. The auction results extended the rally in government debt that began earlier in the day and sent yields toward intraday lows. The policy-sensitive 2-year rate fell 10 basis points to 5.021% after touching a low of 5.009%.