The Treasury Department auctioned $28 billion of seven-year notes, with a 2 1/4% coupon and a 2.126% high yield, a price of 99.993528.

The bid-to-cover ratio was 2.54.

Bloomberg News

Tenders at the high yield were allotted 36.46%. All competitive tenders at lower yields were accepted in full.

The median yield was 2.080%. The low yield was 2.010%.

Tenders totaled $73,999,124,400 and the Treasury accepted $30,846,902,400 including $10,859,900 non-competitive.

The Fed banks bought $2,846,889,500 for their own account.

The notes are dated July 31 and are due July 31, 2024.