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Treasury Dept auctions $28B of 7-year notes at a high yield of 1.423%

Janet Yellen
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Thursday's $28 billion U.S. 7-year Treasury note auction was the lowest in six months, resulting in a higher-than-expected yield of 1.423 percent. The bid-to-cover ratio, an indicator of demand, was 2.38.

Indirect bidders, which include major central banks, were awarded 58.3 percent.

Direct bidders, which includes domestic money managers, bought 10.4 percent.

The yield on the 7-year Treasury Notes sat higher at 1.4198 percent after the note sale. Overall demand at

The yield on the benchmark 10-year Treasury note sat higher at 1.5765 percent, while the yield on the 30-year Treasury bond was also higher at 2.2666 percent.

Initial jobless claims fell for a third straight week to to 261,000. Durable goods orders for July rose 4.4 percent, above expectations.

U.S. Markets Overview: Treasurys chart

Yellen is set to speak in Jackson Hole, Wyoming at 10:00 a.m. ET on Friday, and investors will be watching as to whether she gives any indications on rate hikes.

In oil markets, Brent crude traded at $49.66 a barrel on Thursday, up 1.24 percent, while U.S. crude traded at $47.31 a barrel, up 1.15 percent.

-Reuters contributed to this report.