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The bonds were awarded at 4.671%, below the pre-sale, or when-issue, rate of 4.661% seen just before the 1 p.m. EST bidding deadline. The 1 basis point tail comes just as bets on a June rate cut have dwindled, keeping pressure on bond prices, which trade inversely to yields.
The bid to cover ratio, a measure demand, for the auction was 2.37, down from the 2.47 ratio in the previous auction.
The 30-year Treasury yield traded at 4.657% following the news, below the day’s high of 4.685%.
