U.S. 30-Year Bond Yield Reaches Highest Since June Before Sale
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Treasuries fell, with the yield on 30-year bonds rising to the highest level in five months, after the government’s sale of $24 billion in 10-year notes drew the lowest demand since February.
Yields on 30-year bonds climbed for a fifth day on speculation tomorrow’s sale of $16 billion of the securities may receive tepid demand with the Federal Reserve focusing its purchases of Treasuries among shorter-maturity debt. The bid-to-cover ratio for the 10-year note sale, which gauges demand by comparing total bids with the amount of securities offered, was 2.8, compared with an average of 3.14 for the past 10 sales.