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Three-Year Note Auction Attracts Below Average Demand

Kicking off this week's series of long-term securities auctions, the Treasury Department sold $38 billion worth of three-year notes on Tuesday, attracting modestly below average demand.

The three-year note auction drew a high yield of 2.248 percent and a bid-to-cover ratio of 2.48.

The Treasury also sold $38 billion worth of three-year notes last month, drawing a high yield of 2.301 percent and a bid-to-cover ratio of 2.49.

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 2.56.

Looking ahead, the Treasury is due to sell $27 billion worth of ten-year notes on Wednesday and $19 billion worth of thirty-year bonds on Thursday.

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