With already thin trading desks even more inactive amid severe snowstorms, the Treasury's auction of $35B in two-year notes drew bidders with a yield of 0.74% (.pdf), highest since June. Bid-to-cover ratio of 3.71, vs. a recent 3.47; indirect bidders take 22.6%, vs. a recent 36.8%. Direct bidders take 19.8%, vs. a recent 14.7%.