US Treasury Sells $44 Billion in Seven-Year Notes at 4.894% Yield

The U.S. Department of the Treasury concluded a $44 billion auction of seven-year benchmark notes at a high yield of 4.894%. The result matched the when-issued yield, creating a 0.0 basis point tail against the 0.2 basis point historical average. Bid-to-cover settled at 2.46 times, slightly below the 2.49 times norm, earning the sale a B-minus grade. Prior to the sale, yields climbed to 4.894%, down from 5.085% at the September 24 auction, dampening sentiment across risk assets, including Bitcoin, as borrowing costs signaled tighter monetary conditions.