US Treasury issued a $20 billion 10-year inflation-protected Treasury note (TIPS), winning the bidding yield of 2.243%, the highest since January 2009, 1 basis point higher than the pre-issue trading level at the tender deadline, indicating that demand was slightly lower than expected. Primary dealers were allocated 10.2%, lower than the previous time, the proportion of direct bidders rose to 23.3%, and the proportion of indirect bidders fell to 66.5%. The bid multiple was 2.48 times, compared with the previous three averages of 2.39 times.