(Bloomberg) -- Investors snapped up US debt for a third straight day, helping to quell concern that a widespread “Sell America” sentiment would dampen the Treasury Department’s auction results.

Most Read from Bloomberg

A $44 billion offering of seven-year notes on Thursday was met with robust demand, helping existing US government debt to extend its advances. Treasuries had risen earlier in the session after data revealed the world’s top economy shrank at the start of the year, reinforcing bets the Federal Reserve will lower interest rates twice by early 2026.

“What the bond market’s really going to be pegged off is the trajectory for what the impact of all of this uncertainty is going to be on growth,” said Subadra Rajappa, head of US rates strategy at Societe Generale. “The Fed is probably going to keep policy on hold for as long as they can.”

The Treasury sold its new seven-year notes at a yield of 4.194% — well below the 4.216% when-issued level the security traded at just before auction bidding completed. That, as well as a pick up in the bid-to-cover ratio and other metrics revealed strong demand for the notes.

The sale capped a trio of auctions this week. The two- and five-year offerings were both met with solid demand, showcasing appetite for US debt despite recent weakness in global sales of longer-term bonds.

Beyond the sale, economic indicators on Thursday took precedent for money managers over developments in the legality of President Donald Trump’s sweeping tariff policies.

The latest revisions of first-quarter gross domestic product showed growth was restrained by weaker consumer spending, while continuing jobless claims — a proxy for the number of people receiving unemployment benefits — rose to the highest level since November 2021.

Yields were lower by roughly five basis points across maturities late in the New York trading session, with the 10-year rate trading near 4.43%. Traders were betting the Fed will next cut rates in October, pricing in 59 basis points of easing by next January.

For investors, Trump’s evolving trade policies had little immediate impact as the eventual read-through on the economy and Fed policy remained unclear.

The dollar remained lower on the session by about 0.4% after a federal appeals court temporarily paused a ruling against Trump’s global tariffs while a longer-lasting hold was being considered.