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US 10-Year Treasury Auction Sees Decent Demand Despite Yield Under 4%
Investors wanted the newest 10-year Treasury notes badly enough that they were willing to settle for a yield of less than 4%. The $38 billion auction was awarded at 3.999%, becoming the third straight 10-year new issue to pay a fixed rate of less than 4%. Since the auction details were announced on Aug. 2, its bigger-than-anticipated size pushed the yield on the new 10-year in pre-sale trading up toward 4.19% on Friday. Ultimately, investors decided they could live on less. It’s a reminder — ahead of Thursday’s 30-year bond auction, the last sale of the week — that Treasury supply trends frequently don’t ... (full story)