Summary Box: Treasury sells $29B in fresh bonds

AP News
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Posted: Oct 28, 2010 5:24 PM
Summary Box: Treasury sells $29B in fresh bonds

BONDS FOR SALE: In its last auction of the week, the government sold $29 billion in seven-year notes to investors at a 1.97 percent yield. That's a slightly higher rate than the 1.89 percent for the seven-years sold last month.

STRONG BIDDING: But that added yield seemed to help the Treasury move the new supply. Bidders asked for 3.06 times the amount on offer, a record high for a sale of the seven-year securities.

TREASURYS UP: Traders pushed government bonds up. The 10-year note gained 50 cents, knocking the yield from 2.72 to 2.66. When bond prices rise, yields fall.