Treasuries Finish Down

Trearuries fell ahead of the $22 billion auction, mid-term elections and the Fed meeting, as well as a report that showed a less-than-expected dip in the services sector

Trading interest Tuesday was dominated by the set up for the $22 billion five-year leg of the quarterly refunding and subsequently hijacked by Congressional elections and Wednesday's FOMC. Five-year notes continued to underperform up until the auction, but the better than expected 1.96 bid/cover ratio suggested strong demand despite the record low 3.03% yield.

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