Treasuries Pare Losses After $21 Billion 10-Year Note Auction
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Treasuries pared losses after the U.S. drew stronger-than-average demand at an auction of $21 billion of 10-year debt.
The notes yielded 1.652 percent, compared with a forecast of 1.669 percent in a Bloomberg News survey of seven of the Federal Reserve’s 21 primary dealers. The bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 2.95, versus an average of 3.01 percent for the past 10 offerings. Treasuries fell earlier, pushing 30-year yields to a one-month high, before the Federal Reserve ends a two-day policy meeting.