29 billion of 7 year notes just hit the tape to yield 1.970%.  Demand was very good as 50% of the issue was taken by Indirect Bidders.  Bid to cover ratios came in at 3.06 to 1.  Both of those measures were above average.  The issue was also “bid through the screen”, meaning that some got shut out even if they had at the money bids in.  That is a sign of strong demand.  All treasury maturities have reacted in bullish fashion.  Currently, the 10 year note is up 16/32’s.  Mortgage backs have followed suit.