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Article: Five-year treasuries yield 5.23%. (Brief Article)
- Article from:
- American Banker
- Article date:
- June 24, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Treasury auctioned $11 billion if five-year notes on Wednesday at a higher-than-expected average yield of 5.23%.
The day before, traders had predicted a yield of 5.21%.
Market analysts attributed the higher rate and a fall in the short end of the government bond market to an article in Wednesday's New York Times reporting that the Federal Reserve may tighten credit during the summer.
"The article suggested that inflation is still a problem and investors get nervous when you start talking about inflation," said Steve Wood, money market economist for BankAmerica Corp.
2.63 Bids for Each Offer
At the auction, bids exceeded ...