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Ten-Year Note Auction Attracts Slightly Below Average Demand

Following yesterday's auction of $34 billion worth of three-year notes, the Treasury Department sold $26 billion worth of ten-year notes on Wednesday, attracting slightly below average demand.

The ten-year note auction drew a high yield of 2.960 percent and a bid-to-cover ratio of 2.55.

The Treasury sold $22 billion worth of ten-year notes last month, drawing a high yield of 2.859 percent and a bid-to-cover ratio of 2.57.

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.

On Thursday, the Treasury is due to finish off this week's series of long-term securities auctions with the sale of $18 billion worth of thirty-year bonds.

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