Treasuries Finish Slightly Lower
Treasuries opened modestly lower, then moved higher as personal income and consumption data suggested Americans are earning less, but spending more - not economy friendly. As 10-year note yield remained below 4%, an underlying bid persisted.
However, while ISM ticked down, the employment component rose sharply. This bit of news became the market's focus, which subsequently reversed the price action into negative territory. However, short covering, mostly from specs, pared most of the losses. Several deal pricings gave Treasuries a boost (rate-lock buying), but prices remained in the red.
From Informa Global Markets