Two-Year Note Auction Attracts Above Average Demand
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The Treasury Department announced that its recent auction of $69 billion in two-year notes attracted above-average demand, with a high yield of 3.580% and a bid-to-cover ratio of 2.75. This compares favorably to last month's auction, which had a yield of 3.499% and a bid-to-cover ratio of 2.54. The average bid-to-cover ratio for the last ten auctions was 2.60. Upcoming auctions include $70 billion in five-year notes and $44 billion in seven-year notes.
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