(Bloomberg) — Strong demand at Wednesday’s Treasury five-year note auction added to evidence that markets aren’t yet wholly convinced that the Federal Reserve is poised to tighten monetary policy this year.

A class of investors that includes foreign central banks and mutual funds bought a record amount at the $34 billion debt sale. A gauge of demand at an auction of two-year notes Tuesday climbed to the highest since May. The appetite for shorter-dated securities, which are more sensitive to Fed policy, comes after officials’ recent rhetoric that markets have been too complacent about the prospects of a rate increase this year.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.