Investing.com -- The U.S. government sold $38 billion of 10-year notes on Tuesday at a lower-than-expected yield on stronger demand as investor appetite for duration appears to be on the up and up.
The notes were awarded at 4.438%, below the pre-sale, or when-issue, rate of 4.553%, the 4.483% high seen in the prior auction.
In a sign of a stronger demand, the bid to cover ratio for the auction rose to 2.67 from 2.49 seen in the prior auction.
The yield on the 10-year Treasury fell to 4.423%, after trading at around 4.46% just before the auction result, sparking a wave of pressure across the curve.