Treasuries Finish in the Red

Prices fell after the one-two punch of stronger ISM and construction data

Kicking off November on a sour note, Treasuries fumbled lower as data eclipsed optimistic forecasts once again and Friday's month-end bid evaporated. ISM climbed to 57.0 in October, well above 53.7 last and a 55.4 median, with all of its components equally firm. Construction spending thrived in a low-rate environment, led by private spending and lodging, surging 1.3% to the highest rate on record from upwardly revised gains in August and July. Auto sales were the only disappointment, with October sales near 15.7 million units -- 5% lower than previously.

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