The Treasury Department reported below average demand for this month’s $34 billion ten-year note auction, with a high yield of 2.720 percent and a bid-to-cover ratio of 2.43. Last month’s auction had a high yield of 1.920 percent and a bid-to-cover ratio of 2.47. The bid-to-cover ratio is a measure of demand, with the previous ten auctions having an average ratio of 2.52. Results for this month’s $20 billion thirty-year bond auction will be announced on Wednesday.

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