Ten-Year Note Auction Attracts Average Demand

Ten-Year Note Auction Attracts Average Demand

Continuing this week's series of long-term securities auctions, the Treasury Department sold $23 billion worth of ten-year notes on Wednesday, attracting average demand.

The ten-year not auction drew a high yield of 2.957 percent and a bid-to-cover ratio of 2.58.

Last month, the Treasury sold $26 billion worth of ten-year notes, drawing a high yield of 2.960 percent and a bid-to-cover ratio of 2.55.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous ten-year note auctions had an average bid-to-cover ratio of 2.62.

Looking ahead, the Treasury is due to finish off this week's series of long-term securities auctions with the sale of $15 billion worth of thirty-year bonds on Thursday.

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