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Ten-Year Note Auction Attracts Slightly Below Average Demand

Following yesterday's auction of $38 billion worth of three-year notes, the Treasury Department sold $24 billion worth of ten-year notes on Wednesday, drawing slightly below average demand.

The ten-year note auction drew a high yield of 2.728 percent and a bid-to-cover ratio of 2.51.

Last month, the Treasury also sold $24 billion worth of ten-year notes, drawing a high yield of 2.915 percent and a bid-to-cover ratio of 2.35.

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 2.55.

On Thursday, the Treasury is due to finish off this week's long-term securities auctions with the sale of $16 billion worth of thirty-year bonds.

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