After a solid 2Y, and a dismal 5Y auction, moments ago the Treasury completed the sale of the week's final coupon, and today's sale of $44BN in 7Y paper was appropriately enough, mediocre at best, not terrible, not great, in the parlance of our times. The auction priced at a high yield of 4.018%, the first 4%+ yield since July, and up from 3.930% in December. The bid to cover of 2.454 dropped from 2.509 in December, and was the lowest since September; it was also well below the six auction average of 2.516. The internals were a fraction better: Indirects took down 66.9%, up from 59.04% and above the six auction average of 61.8%. Overall this was a mediocre, tailing auction and while it could have been worse (foreign demand for example was still quite solid), it certainly could have been better.