Bonds swung higher on Wednesday after the U.S. government’s auction of 10-year Treasury notes, the second of three debt auctions this week.
The Treasury Department auctioned $24 billion in 10-year notes at a high yield of 2.000 percent. The bid-to-cover ratio, an indicator of demand, was 2.62, compared to a recent average of 2.70.
Indirect bidders, which include major central banks, were awarded 59.5 percent, above the 46 percent average. Direct bidders, which includes domestic money managers, brought 12.7 percent, versus a recent average of 13 percent.
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