Today’s auction of benchmark 10-year Treasury notes saw yields rise to 2.07%, a gain of 3 basis points and the highest yield on Treasuries since October. The improvement in retail sales reported earlier today pushed yields — which move inversely to prices — higher.
Bidders offered to buy 3.24x the amount of debt sold, compared with a 4-week average demand of 3.18x. Today’s sale totaled $21 billion.
The bidding was driven by direct bidders, who sought 19.4% of the total sold, compared with a 4-week average of 10.8%. Indirect bidders, which includes foreign buyers, bought 38.6% of the notes, down from the average of 45.9%.
Traders now await the Federal Reserve’s announcement of interest rates and other policy matters later this afternoon.
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