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Ten-Year Note Auction Attracts Slightly Below Average Demand

After releasing the results of its auction of $38 billion worth of three-year notes on Tuesday, the Treasury Department revealed Wednesday that its auction of $24 billion worth of ten-year notes attracted slightly below average demand.

The ten-year note auction drew a high yield of 2.064 percent and a bid-to-cover ratio of 2.41.

The Treasury also sold $24 billion worth of ten-year notes last month, drawing high yield of 2.130 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 ten-year note auctions had an average bid-to-cover ratio of 2.45.

On Thursday, the Treasury is due to announce the results of its auction of $16 billion worth of thirty-year bonds.

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