US sells 7-year notes at 4.109% vs 4.106% WI

<ul><li>0.3 bps tail</li><li>Bid to cover 2.57 vs 2.50</li></ul><p>Yesterday's 2 basis point tail in 5s was problematic for the whole market. Sevens are less of a focus and we're seeing a solid post-auction bids so I'd say the coast is clear. The Treasury refunding announcement next Wednesday will be a focus.</p><p>It's insane that people are getting advice on bonds from people talking about "5-year T-bills"</p>

This article was written by Adam Button at www.forexlive.com.