But insurance companies began to sell five-year notes through bonds ahead of large insurance claims from Hurricane Charley. Large option buying stemmed further losses midday. Treasuries edged off the lows for the balance of the session.
Markets & Finance
Treasuries End Lower
Treasuries opened softer on retail selling overnight, in addition to the unwind of the weekend, the Olympics terror trade, and dissipating fears of higher oil prices after Chavez won the Venezuelan recount referendum. The 10-year note yield climbed to 4.26% from last week's low of 4.20% following the blow-out trade deficit. Earlier, the Empire State PMI plunge had improved prices -- barely, but then the Street focused on the pop in the employment component.