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Dud 5-year auction blamed on Fed uncertainty

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Wednesday's 5-year Treasury auction was a dud, with the lowest bidding this year, just a day after a successful .

The offering for $35 billion in 5-year notes drew a bid to cover of just 2.56 times, the lowest for that maturity since December. The auction went off at a yield of 1.8 percent, the highest since May 2011.

Read MoreFed's Mester criticizes use of 'considerable time'

Direct bidders took just 8.8 percent, versus a 14 percent average, and dealers were awarded 41 percent, compared with the 35 percent average of the last four auctions.