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U.S. Treasury auctioned off two-year notes at a coupon of 3.625%, with a high yield of 3.641%, a median yield of 3.600%, and a robust bid-to-cover ratio of approximately 2.69, indicating solid investor demand and relatively healthy auction mechanics—competitive bids totaled about $185.7 billion, of which $69.0 billion were accepted, while noncompetitive bids added another $330 million, including $305 million via FIMA, reflecting continued confidence from foreign and institutional buyers . Meanwhile, President Donald Trump’s announcement of his attempt to remove Federal Reserve Governor Lisa Cook over alleged mortgage fraud rattled observers though markets took the move largely in stride: yields on longer-dated Treasuries edged modestly higher and the yield curve steepened somewhat, even as stocks and gold remained roughly flat, and the dollar trimmed earlier losses—perhaps because markets perceived Trump’s push as aligned with growing expectations for Fed easing, with uncertainty over legal authority further muting immediate reaction. Governor Cook swiftly vowed to contest the firing in court, asserting the president lacks the statutory authority to remove her absent cause, setting the stage for a protracted and precedent-setting legal battle over central bank independence