Yesterday's 5 year saw strong demand
The US will auction off 7 year notes at the top of the hour.
Yesterday there was strong demand for the 5-year note. So much so that the dealers took the smallest amount on record.
The current WI is trading at 1.950%.
The bid to cover at the last auction was 2.54X. The 12 month high was 2.73 (in April). The low was 2.38x in August 2016.