Markets & Finance

Bonds Fall

S&P MARKETSCOPE: Treasuries fell, giving up early gains spurred by a lower PCE number in the final first-quarter GDP reading. GDP was revised up to 3.8% from the 3.5% preliminary number, beating the expected 3.7%.

The 10-year note fell 03/32 to 101-05/32 for a yield of 3.98%. The 30-year bond slid 09/32 to 117-08/32 for a yield of 4.26%.

Selling was ensued partly in response to a leak of a big drop in German unemployment, slated for release tomorrow. The activity partly reflects position squaring after a mediocre two-year note auction, and ahead of the FOMC's policy announcement tomorrow.

The Aging of Abercrombie & Fitch
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