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Two-Year Note Auction Attracts Below Average Demand

The Treasury Department announced the results of this month's auction of $60 billion worth of two-year notes on Monday, revealing the sale attracted below average demand.

The two-year note auction drew a high yield of 0.175 percent and a bid-to-cover ratio of 2.34.

Last month, the Treasury also sold $60 billion worth of two-year notes, drawing a high yield of 0.152 percent and a bid-to-cover ratio of 2.54.

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 two-year note auctions had an average bid-to-cover ratio of 2.52.

Later today, the Treasury is due to announce the results of this month's auction of $61 billion worth of five-year notes.

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