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US 10-year Note Auction Yield Declines To 2.34%, Trump Press Conference Dominates
In the latest 10-year $20bn US Treasury note auction, the yield declined to 2.34% from 2.49% at the December 12 auction. There was an increase in the bid/cover ratio to 2.58% from 2.39% previously which was above the average of the previous five auctions. Indirect bidders took 70.5% while direct bidders bought 8.7%. The allotment to dealers was 20.7% which was well below the average seen over the past year and suggested strong demand at these yields. The auction was relatively strong in the historic context and Treasury markets ticked higher after the announcement with the 10-year note continuing to rally. The note ... (full story)