Markets & Finance

Treasuries End Unchanged

Treasuries ended unchanged. They opened modestly higher, led by weaker German IFO. Foreign retail was on both sides, but profit-taking dominated in Tokyo. Modest selling emerged on the New York open as final first-quarter U.S. gross domestic product rose 3.9%, missing expectations for a rise of 4.4%. However, the PCE deflator revised to up 3.2% from 3.0%, suggesting inflation was rising at faster than expected pace in the first quarter.

Gains in Michigan consumer data and strong existing home sales forced new lows. But those lows held, and the pullback lacked follow-through, so the weekend flight to safety surfaced. Explosives found in a car at Istanbul Airport, along with a deal pricing also helped the bid, but faded by the close.

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