As more people wake up to the grand bond illusion peddled by the West, the U.S. #Treasury—ever the optimist—wrapped up the week’s bond circus with a $44 billion offering of 7-year IOUs. And surprise! It was well received. The yield? A not-so-whopping 4.022%, the lowest since last September—because clearly nothing screams confidence like locking in sub-inflation returns for seven years. Oh, and it “stopped through” the when-issued by 2bps, which is apparently the bond world’s version of fireworks.