US 10-year Treasury auction yield hits highest since 2025

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Gold Finance reported that on July 9, the U.S. Treasury issued $39 billion in 10-year notes at a high yield of 4.580%, the highest since February 2025, with a pre-issue yield of 4.586% at the bidding deadline at 1:00 p.m. New York time. Bidding results indicated slightly stronger-than-expected demand. The 10-year yield rose about 3 basis points on the day by the bidding deadline, and Treasuries slightly recovered their intraday losses after the results were released, with the yield curve flattening slightly. Primary dealers were awarded 7.8%, the lowest since January; indirect bidders' allocation increased to 81.5%, while direct bidders' allocation dropped to 10.7%. The bid-to-cover ratio was 2.59 times, the highest so far this year, compared to an average of 2.51 times for the past six reopenings.
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