U.S. Treasury Sells $69 Billion in 2-Year Notes at 4.189% Yield

The U.S. Treasury sold $69 billion in 2-year notes on June 23 at a high yield of 4.189 percent, ZeroHedge reported. The result marked the highest yield since January 2025 and exceeded the prior auction's 4.071 percent.

The auction cleared 0.3 basis points below the when-issued level of 4.192 percent, the largest stop-through since January 2025. The bid-to-cover ratio came in at 2.643, nearly unchanged from the previous month's 2.640. Indirect bidders were awarded 55.45 percent of the notes, the lowest share since December 2025 and down from 57.60 percent in the prior sale.

Direct bidders received 34.3 percent, the highest allocation since October 2025. Dealers took 10.3 percent and the smallest dealer award since February 2026. ZeroHedge described the auction as mediocre overall, noting that weaker internals offset the strong pricing.

Yields across the Treasury curve traded near session lows after the results.