Heads up! We are minutes away from the results of today’s auction of $35 billion of 5-year U.S. Treasury notes, due out sometime between 1:00 and 1:05 PM ET.

Yesterday’s auction of 2-year notes “tailed,” but the bid-to-cover ratio, which measures the dollar amount of bids versus the dollar amount of bonds actually auctioned, was up from May’s auction of 2-year notes, indicating a slight uptick in demand for 2-year Treasuries.

(The “tail” is the difference between the highest yield on the Treasuries during the auction and the expected high yield when the auction first gets started – the “when-issued” level.)

Today’s auction of 5-year notes will be closely watched by traders because the 5-year is part of the “belly” of the yield curve that makes up the largest portion of the Federal Reserve’s balance sheet. Fears that the Fed will begin to taper bond purchases later this year have hit 5-year notes especially hard relative to Treasuries of other maturities.

We will have the results of the auction LIVE at 1 PM ET. Click here to refresh for the latest >

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