The U.S. Treasury Department reported this week’s series of outcomes from its ongoing long-term securities auctions. On Tuesday, results showed that there was slightly less demand than usual for the $67 billion in five-year notes auctioned this month.The auction of the five-year notes achieved a peak yield of 4.235 percent, with a bid-to-cover ratio of 2.41. This compares with last month’s auction, where the Treasury sold $64 billion worth of five-year notes, attracting a top yield of 4.320 percent and the same bid-to-cover ratio of 2.41.For clarity, the bid-to-cover ratio is an indicator of market demand, showing the total bids received for every dollar’s worth of securities sold. Over the last ten five-year note auctions, the average bid-to-cover ratio calculated was 2.48.Furthermore, Tuesday’s announcement also included the results of this month’s auction of $66 billion worth of two-year notes which, similar to the five-year notes, experienced less demand than the average.The Treasury plans to announce the outcomes of this month’s auction for $43 billion worth of seven-year notes on Wednesday.The material has been provided by InstaForex Company – www.instaforex.com
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