Mediocre Demand For "Tailing", 7Y Treasury

When today's 7Y printed at 2.197% (vs the 6 previous auction average of 1.883%) it tailed the WI of 2.196% by 0.1bp, as once again there were few overhanging shorts to squeeze. The internals were average at best.

45 Trillion Reasons Why Gary Cohn Has Recused Himself From All Goldman Matters

“consistent with the stringent ethics rules established by the Trump Administration, Mr Cohn will recuse himself from participating in any matter directly involving his former employer, Goldman Sachs. He will also recuse himself from any matter or potential rulemaking before the CFTC in which Goldman Sachs has participated.”