The US Treasury Department's auction of $69 billion in 2-year notes was awarded at a yield of 4.189%. This yield, which compares to a pre-auction level of 4.192% at the 1:00 PM New York time bidding deadline, indicates stronger-than-anticipated demand. This yield level remains the highest awarded for a 2-year Treasury auction since January 2025.

Primary dealers were allotted 10.2% of the issue, the lowest share since February. Direct bidders saw their allotment share increase to 34.3%, while indirect bidders' share decreased to 55.5%.

The bid-to-cover ratio, a gauge of demand, came in at 2.64 times, compared to an average of 2.61 times for the prior six auctions.