The US Treasury’s $69 billion sale of two-year notes on Tuesday was met with firm demand, pricing at a high yield of 3.641 percent—about 1.5 basis points below the when-issued level of 3.656 percent at the bidding deadline. A bid-to-cover ratio of 2.69 topped the recent six-auction average of 2.59, indicating investors were willing to absorb the supply at slightly richer levels. Indirect bidders, a proxy for foreign official and institutional accounts, took 57.09 percent of the offering, while direct bidders claimed 33.16 percent. Primary dealers were left with just 9.74 percent. The stop-through and relatively small dealer take-down suggest persistent appetite for short-dated US debt even as market participants continue to weigh the Federal Reserve’s interest-rate outlook.