NEW YORK (AP) — Demand was very strong at an auction for U.S. government debt, pushing the yield on the 10-year Treasury note down to a record low.
The government sold $21 billion of the notes at an interest rate of just 1.46 percent Wednesday. The previous record low yield at an auction for 10-year notes was 1.62 percent in June.
The strong demand for low-risk securities reflected continued uncertainty in global markets.
There were $3.61 in bids for every $1 worth of notes on sale, far above the average of $3.17 in the past four auctions, according to CRT Capital Group.
The yield on 10-year notes already in circulation was 1.51 percent just before the auction results were released. The yield dipped briefly to 1.46 percent just afterward, then rose back to end the day at 1.52 percent, up slightly from 1.51 percent Tuesday. The price fell 15.2 cents for every $100 invested.
Treasury prices have been rising in recent weeks because of concerns about the global economy. Investors tend to buy Treasurys when they want to reduce risk and hold easily tradable securities.
The yield on the 30-year bond rose to 2.62 percent from 2.60 percent. Its price fell 21.8 cents for every $100.
The yield on the two-year note rose to 0.28 percent from 0.27 percent.
In the market for short-term Treasurys, the yield on the three-month T-bill remained flat at 0.09 percent.
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