Treasuries End Higher in Thin Trading
Treasuries trading was choppy amid a battery of data, with light retail participation. Surging homes sales data, was offset by a weaker consumer-price index and a narrower current-account gap. The bounce, however, lacked follow-through buying as the Street awaited the industrial production and capacity utilization data. That data showed strength (industrial production was the highest in four years), so speculatives, dealers, and hedge funds sold. Corporate bond sales of 2-year notes, 5-year notes, and short coupons in size, in addition to swap sales, vs. surprising robust corporate supply, pushed prices into negative territory.
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