Core Viewpoint - The U.S. Treasury issued $69 billion in 2-year notes with a high yield of 3.455%, marking the lowest yield since August 2022 [1] Group 1: Auction Results - The yield of 3.455% is slightly above the pre-auction trading level of 3.454% [1] - The short-end of the yield curve reacted mildly, with the yield increasing by over 2 basis points during the day [1] - The 2s10s spread flattened by approximately 1.5 basis points [1] Group 2: Bid Distribution - The allocation to primary dealers was 9.8%, which is higher than previous allocations [1] - The allocation to indirect bidders decreased to 55.9% [1] - The allocation to direct bidders increased to 34.2%, reaching one of the highest levels on record [1] Group 3: Bid Metrics - The bid-to-cover ratio was 2.63 times, matching the average of the previous six auctions [1]