US Treasury sells $38B 30Y Treasuries at slightly higher-than-expected yield

Investing.com — The U.S. government sold $38 billion of 10-year Treasuries on Tuesday at a marginally higher-than-expected yield following a dip in demand.

The notes were awarded at 4.680%, 2 basis point below the expected yield, or when-issue rate, of 4.678%, but well above the 4.235% high seen in the prior auction. 

The bid to cover ratio, a gauge of demand, for the auction fell to 2.53 from 2.70 seen in the prior auction. 

Strength in domestic demand led the bidding, with direct bidders at 23% of the auction, above the 17% average.

The yield on the 10-Year Treasury fell to 4.278%, after trading at around 4.286% just before the auction result.