US Treasury 2Y Auction Sees 1.516% High Yield (Down From 1.825% At Previous Auction), Yield And Swap Curves Remain Cratered

The US Treasury just auctioned $40 billion of 2-year Treasury Notes at a high yield of 1.516%, down from the prior auction of high yield rate of 1.825%.

2yrauction

As a result, the cratered yield and dollar swap curve remain … cratered.

usycwhoops

Sadly, the US Treasury yield and swaps curves remind me of the Lochnagar mine in France.

lochnagar-crater-4[6]

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