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Two-Year Note Auction Attracts Below Average Demand

The Treasury Department announced the results of this month’s auction of $51 billion on Tuesday, revealing the sale attracted below average demand.

The two-year note auction drew a high yield of 5.055 percent and a bid-to-cover ratio of 2.64.

Last month, the Treasury sold $48 billion worth of two-year notes, drawing a high yield of 5.085 percent and a bid-to-cover ratio of 2.73.

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 2.76.

The Treasury is due to announce the results of this month’s auctions of $52 billion worth of five-year notes and $38 billion worth of seven-year notes on Wednesday and Thursday, respectively.

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