Treasury sold $44 billion. The 7-year stopped at 4.512%.

The United States sold $44 billion of seven-year notes at a 4.512 percent high yield. Cover was 2.50. Primary dealers kept 12.3 percent of the competitive awards; direct and indirect accounts took 87.7 percent. What the book means for a long-horizon owner — plus the bills, the curve, the Fed balance-sheet backdrop, Workday, Mubadala–Arrive, and Diodes. From Universal Asset Owners — www.universalassetowners.com