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Ten-Year Note Auction Attracts Above Average Demand

After revealing below average demand for this month's three-year note auction earlier in the day, the Treasury Department announced Tuesday afternoon that this month's auction of $38 billion worth of ten-year notes attracted above average demand.

The ten-year note auction drew a high yield of 1.584 percent and a bid-to-cover ratio of 2.58.

The Treasury also sold $38 billion worth of ten-year notes last month, drawing a high yield of 1.338 percent and a bid-to-cover ratio of 2.59.

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 2.46.

Looking ahead, the Treasury is due to announce the results of this month's auction of $24 billion worth of thirty-year bonds on Wednesday.

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