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Three-Year Note Auction Attracts Slightly Below Average Demand

On Monday, the Treasury Department kicked off this week's series of long-term securities auctions with the sales of $38 billion worth of three-year notes, attracting slightly below average demand.

The three-year note auction drew a high yield of 2.448 percent and a bid-to-cover ratio of 2.56.

The Treasury also sold $38 billion worth of three-year notes last month, drawing a high yield of 2.502 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 three-year note auctions had an average bid-to-cover ratio of 2.61.

Looking ahead, the Treasury is due to sell $24 billion worth of ten-year notes on Tuesday and $16 billion worth of thirty-year bonds on Wednesday.

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