Bonds Lower

Treasuries ended lower despite a good 5-year auction

INFORMA: Treasuries ended on the lows. They opened little changed, then quickly turned negative on hedge-fund selling. Dealers also sold in preparation of the 5-year auction in the afternoon. Despite good 5-year auction results where indirect bidders took 49.9% of the offering, Treasuries moved lower ahead of Greenspan's Testimony. Hedge funds liquidated their holdings from 2-years and 10-years.

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