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Ten-Year Note Auction Attracts Slightly Above Average Demand

Following the sale of $28 billion worth of three-year notes earlier in the day, the Treasury Department sold $21 billion worth of ten-year notes on Monday, attracting slightly above average demand.

The ten-year note auction drew a high yield of 2.889 percent and a bid-to-cover ratio of 2.50.

The Treasury sold $24 billion worth of ten-year notes last month, drawing a high yield of 2.811 percent and a bid-to-cover ratio of 2.34.

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 2.43.

Looking ahead, the Treasury is due to sell $13 billion worth of thirty-year bonds on Tuesday.

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