Drop In New-Home Sales Boosts Bonds, But Tepid Five-Year Auction Limits Gains
Treasuries rose Wednesday after news of a surprise drop in sales of new homes raised worries about the economic recovery and cooled speculation that the Federal Reserve would move away from its easy monetary policy soon. Weakness in the stock market in the wake of the homes sales data also fueled a safe-haven bid for bonds. Price gains were limited, however, after an auction of $41 billion in five-year notes failed to attract the strong buying
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