US treasury sells $38 billion 10 year notes at a high yield of 4.680%

The US Treasury sold $38 billion of 10 year notes. Details of the auction showed:

• High yield 4.680%
• WI level at the time of the auction 4.678%
• Tail +0.2 basis points vs six-month average of -0.1 basis points
• Bid to cover 2.53X vs. six-month average of 2.55X
• DIrects (a measure of domestic demand) 23.0% vs. six-month average of 17.0%
• Indirects (international demand) 61.4% vs six-month average of 69.9%
• Dealers 15.6% vs six-month average of 13.1%

This article was written by Greg Michalowski at www.forexlive.com.