Continuing this week's series of announcements of the results of its long-term securities auctions, the Treasury Department revealed Wednesday that this month's auction of $32 billion worth of ten-year notes attracted below average demand.
The ten-year note auction drew a high yield of 3.985 percent and a bid-to-cover ratio of 2.35.
The Treasury sold $35 billion worth of ten-year notes last month, drawing a high yield of 3.613 percent and a bid-to-cover ratio of 2.66.
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 2.42.
On Tuesday, the Treasury revealed this month's auction of $40 billion worth of three-year notes attracted above average demand.
The Treasury is due to announce the results of this month's auction of $18 billion worth of thirty-year bonds on Thursday.
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Market Analysis
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.