Treasuries Fall on Rebounding Retail Data
January ex-auto retail sales provided a stumbling block for Treasuries, climbing 1.2% and sucking the life out of the front-end of the curve. The curve flattened over the course of the session as buyers returned at the long-end and prices recovered well. Stocks climbed over the session after Applied Materials earnings led chip stocks higher, but yet another weak volume rally lacked upside muscle given lingering balance sheet and terrorism worries.
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