FX.co ★ Two-Year Note Auction Attracts Below Average Demand

The Treasury Department announced the results of this month's auction of $42 billion worth of two-year notes on Monday, revealing the sale attracted below average demand.

The two-year note auction drew a high yield of 3.954 percent and a bid-to-cover ratio of 2.44.

Last month, the Treasury also sold $42 billion worth of two-year notes, drawing a high yield of 4.673 percent and a bid-to-cover ratio of 2.61.

The ten previous two-year note auctions had an average bid-to-cover ratio of 2.62.

The Treasury is due to announce the results of this month's auctions of $43 billion worth of five-year notes and $35 billion worth of seven-year notes on Tuesday and Wednesday, respectively.