The US Treasury's sale of $23 billion in five-year TIPS drew strong demand from investors concerned about inflation amid geopolitical tensions in the Middle East. The auction priced at a high yield of 1.650%, lower than market forecasts, indicating no premium was needed to sell the notes. The five-year TIPS yield fell 4.9 basis points to 1.652% following the auction, with a bid-to-issue ratio of 2.53, the highest since April last year.
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