Foreign demand for US 10-year Treasury notes declined at the latest auction, which cleared at a 5.020% yield, compared with approximately 4.88% in the secondary market. The yield above 5% indicates that investors required a premium to absorb the new supply. The bid-to-cover ratio stood at 2.46, below the recent average of 2.54, reflecting weaker demand. Investors are now watching the 5-year Treasury yield, Federal Reserve policy signals and economic data, as a delay or reduction in interest-rate cuts could change market expectations.
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