U.S. Treasury Market Shows Tepid Reaction to $70 Billion 5-Year Note Auction

The U.S. Treasury market showed a muted response to the auction of $70 billion in 5-year notes. The auction saw a strong bid-to-cover ratio of 2.4, slightly below the previous 2.43 but above the recent average of 2.39. The awarded yield was 4.478%, marginally lower than the pre-auction trading level of 4.480%.

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