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US Bond Prices Steady Following 10-Year Note Auction
U.S. Treasurys prices recovered from earlier losses to trade slightly higher on Wednesday, following a $21 billion sale of 10-year notes, part of this week's $66 billion in coupon-bearing offerings. The Treasury Department auctioned 10-year notes at a high yield of 1.700 percent. Demand was strong, with a bid-to-cover of 3.26, compared to a recent average of 3.11. The previous two 10-year auctions elicited mediocre demand from big investors and overseas central banks. This put pressure on primary dealers, Wall Street firms that do business directly with the Fed, to absorb the remaining supply and resell it in the ... (full story)
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