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The newly reissued 20-year U.S. Treasury bond saw strong demand in its second auction of 2020 on Wednesday, selling $17 billion worth of notes for a high yield of 1.31%.
Why it matters: That was around two basis points lower than where they had traded before the auction and yields declined further to 1.24% in overnight trading.
- The market movement suggests a continued appetite for safe-haven U.S. government debt at all maturities.
The big picture: Treasury yields have broadly declined recently. Benchmark 10-year yields have fallen by nearly 30 basis points from 11-week highs reached on June 5 after the release of the May U.S. jobs report.
Flashback: The government saw weak demand for its auction of the 20-year note in May that was the first for that maturity since 1986. It relaunched the bond to help finance the significant increases in spending.