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Ten-Year Note Auction Attracts Modestly Below Average Demand

After revealing much weaker than average demand for its three-year note auction on Tuesday, the Treasury Department revealed on Wednesday that this month's auction of $24 billion worth of ten-year notes attracted modestly below average demand.

The ten-year note auction drew a high yield of 0.849 percent and a bid-to-cover ratio of 2.36.

Last month, the Treasury sold $27 billion worth of ten-year notes, drawing a high yield of 1.622 percent and a bid-to-cover ratio of 2.58.

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.

The Treasury is scheduled to announce the results of its auction of $16 billion worth of thirty-year bonds on Thursday.

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