Treasuries Move Higher
Amid light volume, Treasuries ground higher Wednesday, but the upside was contained. The sharp pop in the New York Fed's Empire State index (29.93 vs 18.86) stalled an early rally, with prices then moving sideways, fading a bit on option related selling. But the bounce in oil following bullish weekly crude and heating oil inventory data pushed equities lower and Treasuries headed higher. But the icing on the cake was the fairly aggressive FHLMC buyback operation. Prices held the bid, with volume dwindling, however, for the balance of the session. The yield on the benchmark 10-year note finished at 4.08%.
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