The Treasury Department sold $10 billion of inflation-indexed nine-year eight-month TIPs at a 0.409% yield and an adjusted price of 108.103581, with a 1 1/4% coupon.

The bid-to-cover ratio was 2.91. Tenders at the market-clearing yield were allotted 86.68%. The notes are dated July 15 and are due July 15, 2020.

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