Treasuries Rise, but End off Highs

A safety bid kept prices above water into the close, but diappointing auction results cut into gains

It was a pretty choppy session with prices more or less moving sideways. Treasuries held the opening bid, but the lack of follow-through buying stalled upticks early on. Mortgage-related sales underpinned pullbacks. By midmorning, prices jumped on misleading news of a truck explosion in Yemen. There was no terror connection, so prices fell back, this time led by retail sellers of bonds.

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