The US Treasury Department's issuance of 10-year TIPS (Treasury Inflation-Protected Securities) received weak demand.

The bid yield for the US Treasury's issuance of $19 billion of 10-year Treasury Inflation-Protected Securities was 1.734%, approximately 5 basis points higher than the pre-auction trading level at 1:00 pm Eastern time, indicating lower than expected demand. Primary dealers were allocated 17.8%, the highest since 2022; indirect bidders were allocated 56.1%, the lowest since 2017, and direct bidders were allocated 26.1%.