Amid signs that the U.S. economy continues to navigate a steady growth path, the August refunding will be a litmus test of investor attitures and the bond market's appetite for new government supply.

Treasury market participants are anxious to get a read on investor demand for fixed-income securities. Interest rates, they argue, have backed up significantly in recent sessions and have presented investors with attractive yield levels. Furthermore, many market observers are stoic in their belief that economic growth will slow in the second half of the year.

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