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US Treasury sells $39B 10-year notes at slightly lower-than-expected yield

Published 07/10/2024, 01:17 PM
© Reuters.
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Investing.com -- The U.S. government sold $39 billion of 10-year Treasuries on Wednesday at a slightly lower-than-expected yield as stronger domestic buying eased the hit from softer demand.      

The notes were awarded at 4.276%, 1 basis point below the expected yield, or when-issue rate, of 4.286%, and also well below the 4.438% high seen in the prior auction. 

The bid to cover ratio, a gauge of demand, for the auction fell to 2.58 from 2.67 seen in the prior auction. 

Strength in domestic demand led the bidding, with direct bidders at 20.86% of the auction, well above the 13.8% previously and the 16.7% average.

The yield on the 10-year Treasury fell to 4.278%, after trading at around 4.286% just before the auction result.

 

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