Treasuries Pare Losses as 7-Year Auction Draws Record Low Yield
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Treasuries pared losses as the government sold $29 billion of seven-year notes at the lowest yield on record.
The sale’s bid-to-cover ratio, which gauges demand by comparing total bids with the amount of securities offered, was 3.04, compared with an average of 2.84 at the past 10 auctions. The yield was 1.890 percent, compared with the 1.899 percent average forecast in a Bloomberg News survey of 7 of the Federal Reserve’s 18 primary dealers.