Markets & Finance
Treasuries End Lower
Not even a fresh supply of corporate debt, and subsequent rate lock buying, could negate the effect of stronger data on Treasury prices Wednesday. Prices opened a bit lower, but the jump in the Empire State data, firmer Business Inventories, and an uptick in industrial production sparked dealer and speculstive selling. And then retail joined the ranks. Some of the motivation was simply trading the range, so as prices edged to the higher end on Tuesday, but could not break above it, retail booked profits on Wednesay. Deal pricings, however, and the Fed's coupon pass helped stem further losses. In addition, the pop in oil after the EIA reported a drop in inventories also helped Treasuries. But prices collapsed in the afternoon, despite another deal pricing, as oil reversed on the change in direction of Hurricane Ivan - predicted to miss Gulf refineries.