Treasuries Barely Budge
S&P MarketScope: Treasuries closed little changed, erasing early gains after a mixed $13 billion 5-year refunding note auction.
The 10-year note finished flat at 97-30/32 for a yield of 4.39%. The 30-year bond closed off 01/32 at 111-00/32, yielding 4.57%.
The 21.8% indirect bid in the auction was disappointing, and the second lowest on record. This brought an end to following-through buying in the morning, after the FOMC meeting yesterday, at which the Fed's tone was less hawkish concerning interest rates than some had expected.