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Three-Year Note Auction Attracts Modestly Below Average Demand

On Tuesday, the Treasury Department announced the results of this month's auction of $38 billion worth of three-year notes, revealing the auction attracted modestly below average demand.

The three-year note auction drew a high yield of 1.413 percent and a bid-to-cover ratio of 2.43.

The Treasury also sold $38 billion worth of three-year notes last month, drawing a high yield of 1.573 percent and a bid-to-cover ratio of 2.42.

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 2.49.

Looking ahead, the Treasury is due to announce the results of its auctions of $24 billion worth of ten-year notes and $16 billion worth of thirty-year bonds on Wednesday and Thursday, respectively.

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