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NEW YORK (AP) - Treasury prices closed higher Wednesday, bolstered by surprisingly strong investor demand in a government sale of $18 billion in new 2-year Treasurys.
The Treasury auction attracted solid demand from foreign bidders, easing concerns that foreign central banks may be backing away from Treasurys in a search for more lucrative yields. The note sale also attracted a high level of bids from U.S. investors.
The benchmark 10-year Treasury note closed up 2/32 at 101 with a 4.62 percent yield, down from 4.64 percent at Tuesday's close. Prices and yields move in opposite directions.
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