Bonds Higher

Treasuries closed higher on Wednesday, gaining on a profit warning from GM and a new record high in oil prices

The 10-year Treasury yield settled at 4.52% after a volatile day of trading on Wednesday. The economic data released today was largely ignored after GM released its profit warning for the first quarter. Treasuries were higher on news that the automaker and financing giant would suffer a loss in the next quarter, squeezed by higher gasoline and input costs, according to Action Economics. The equities market saw investors fleeing to treauries, further compounded by a new record high in crude oil prices.

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