10-year Treasury Notes See Strong Demand At Auction

An auction of 10-year U.S. Treasury notes received strong demand Wednesday afternoon. The yield on the auctioned notes was 2.235%, down 0.9 basis point from the 10-year yield immediately before the results were released. Indirect bidders, a proxy for foreign central banks, took 57.5% of the notes, compared with an average of 58%. Direct bidders, a measure of domestic demand, took 13.8% of the notes, compared with an average of 11%. Yields were little-changed after the auction, with the 10-year up 3.8 basis points on the day to 2.231%.