1:43 PM » Treasury sells 2-year notes at highest yield since 2011
NEW YORK (MarketWatch) -- The Treasury Department sold $29 billion in 2-year notes Monday at a yield of 0.544%, the highest yield since May 2011. Bidders offered to buy 3.22 times the amount of debt sold, compared to an average of 3.33 times at the last four sales. Indirect bidders, a group that includes foreign central banks, bought 27.0%, versus 26.6% in recent sales. Direct bidders, which include domestic money managers, purchased another 14.3%, versus an average of 22.3%. The broader bond market remained lower after the auction. Yields on 10-year notes , which moves inversely to prices, rose 1.5 basis points on the day to 2.485%.