Treasuries End Higher

Treasuries surged after an impressive 5-year note auction, following Tuesday's sell-off

Another day, another auction. Treasuries staged an impressive supply-led rebound following a successful 5-year note auction only a day after suffering the agony of defeat on the 3-year sale. Data and events were scarce on the day, with only the 6.9% gain in the MBA mortgage application index to go on, leaving the focus squarely on supply and stocks.

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