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Ten-Year Note Auction Attracts Below Average Demand

The Treasury Department continued the release of the results of this month's long-term securities auctions on Wednesday, revealing its auction of $27 billion worth of ten-year notes attracted below average demand.

The ten-year yield note auction drew a high yield of 1.670 percent and a bid-to-cover ratio of 2.20.

Last month, the Treasury sold $24 billion worth of ten-year notes, drawing a high yield of 2.064 percent and a bid-to-cover ratio of 2.41.

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 2.44.

On Thursday, the Treasury is due to announce the results of its auction of $19 billion worth of thirty-year bonds.

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