US sells 2-year notes at 0.155% vs 0.157% WI

Results of the $50 billion US 2-year note sale

• $50 billion is a record size for a two year auction
• 2.78 bid-to-cover vs 2.34 prior
• Directs 13.7% vs 14.8% prior
• Indirects 57.6% vs 45.8% prior

The bid was a tad stronger than expected. It's insane how eager the market is to lend the US Treasury money. Tomorrow we get $51B in 5s and on Thursday it's $47B in 7s.