capital-markets
Treasury 10-Year Auction Bid-to-Cover
Latest
2.77ratio
Methodology
## What this measures
At every 10-year note auction, the ratio of dollars bid to dollars awarded.
## Why it matters
The 10-year is the benchmark the world prices against. A weak auction — cover well under its trailing range, a wide tail — is the market declining to fund the deficit at the offered yield. Stewards with refinancing ahead watch this before they watch the Fed.
## Source
TreasuryDirect auction results (public-domain). One point per auction, reopenings included, dated on auction day.
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