Investing.com -- The US government sold $58 billion of 3-year notes on Tuesday at a higher-than-expected yield, amid slightly weaker demand ahead of the consumer inflation report due Wednesday.
The notes were awarded at 4.548%, which was below the pre-sale, or when-issue, rate of 4.528%. The higher-than-expected yield come as Treasuries, which trade inversely to yield, have attracted safe-haven bids amid caution ahead of the U.S. consumer inflation report due Wednesday.
The bid to cover ratio, a measure demand, for the auction was 2.50, down from the 2.60 ratio in the previous auction.