Treasuries Barely Budge

A disappointing auction of 5-year notes brought an end to follow-through buying from the Fed meeting

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.

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