Weaker Demand At 3yr Auction Sends Treasurys Lower

Published February 7, 2012 9:09PM (EST)

NEW YORK (AP) — Treasury prices fell, sending their yields higher, following weaker demand at an auction for three-year notes and increasing optimism that Greek leaders will agree on a cost-cutting package.

The yield on the benchmark 10-year Treasury note rose to 1.98 percent late Tuesday, up from 1.90 percent late Monday. Its price fell 59 cents per $100 invested.

The Treasury Department sold $32 billion of three-year notes at a rate of 0.35 percent. There were $3.30 worth of bids for every dollar sold, compared with $3.73 in the last auction in January. That's a signs that demand for the notes wasn't quite as strong this time.

The government will also auction $24 billion of 10-year notes on Wednesday and $16 billion of 30-year bonds on Thursday.

By Salon Staff

MORE FROM Salon Staff

Related Topics ------------------------------------------