Treasuries Drop on Fed Minutes as Oil Jumps on Supplies
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Treasuries dropped for the first time in three days as Federal Reserve meeting minutes failed to lower speculation that the central bank will reduce its stimulus efforts this year. U.S. stocks closed little changed, while oil reached the highest since March 2012.
Ten-year Treasury yields added 4.5 basis points to 2.68 percent while the Standard & Poor’s 500 Index closed up less than 0.1 percent after swinging between gains and losses following the 2 p.m. release of the minutes. The Dollar Index lost 0.6 percent to 84.04, retreating from the highest level since July 2010. Oil jumped 2.9 percent to $106.52 a barrel after U.S. inventories tumbled for a second week.