The US Treasury's auction of $21 billion in 10-year Treasury Inflation-Protected Securities (TIPS) resulted in a high yield of 2.438%, marking the highest level since 2008. This yield was approximately 2 basis points above market expectations at the 1:00 PM New York time bidding deadline, indicating demand fell short of projections.

Primary dealers were awarded 9.9% of the issue, lower than the previous auction. Indirect bidders, which include foreign central banks, saw their allocation rise to 65.2%, while direct bidders' share decreased to 25%.

The bid-to-cover ratio, a measure of demand, was 2.30 times, compared to an average of 2.46 times over the three prior auctions.