A Case of Indigestion for Treasuries
There were $13 billion 10-year notes on the auction block Wednesday and the market was predisposed to some supply indigestion after a poor reception to the five-year offering Tuesday. Likewise, Treasuries crumpled after this auction, though the results were not as bad. Manic stocks were mostly to blame, first in the morning with news that Cisco had leaked a more positive spin on Wednesday night's earnings report to their employees on Tuesday, then later springing to life right as the paper was being digested.
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