Treasuries Finish Higher
Stellar auction results saved the day. Treasuries opened unchanged following moribund, 2-way trade overnight, then braced for data. Retail sales appeared softer, but on balance, consumers spent money despite the oil and gasoline surge.
Jobless claims also caught some attention, suggesting labor is not worsening, and firmer import prices sparked some inflationary woes. So after a quick uptick, prices reversed, then sat in a tight range, moving off the lows, however, on weakening stocks and strengthening oil prices.
The focus then shifted to the 10-yr auction, and prices popped on stellar results.