Treasuries Finish Higher
Following the quarterly refunding announcement, Treasuries enjoyed a relief bid as the package did not exceed the wildest expectations, but came in closer to the consensus at $60 billion. The front-loaded package consisted of $24 billion in 3-year notes, and $18 billion of both 5-year notes and 10-year notes, with no other obvious changes to the auction calendar other than avoiding sales on FOMC days.
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