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Ten-Year Note Auction Attracts Slightly Above Average Demand

The Treasury Department announced the results of this month's auction of $24 billion worth of ten-year notes on Wednesday, revealing the auction attracted slightly above average demand.

The ten-year note auction drew a high yield of 1.590 percent and a bid-to-cover ratio of 2.43.

Last month, the Treasury also sold $24 billion worth of ten-year notes, drawing a high yield of 1.739 percent and a bid-to-cover ratio of 2.46.

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 2.41.

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

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