Short-term Treasuries fall after 5-year auction
• YahooShort-term Treasury prices fell Wednesday, sending their yields higher, after a disappointing auction of $39 billion in five-year notes. The auction's bid-to-cover ratio, a measure of demand, dropped to 1.92 percent from 2.58 percent at an auction of five-year notes in June. Indirect bids, an indication of foreign buying, tumbled to 37 percent of the total bids accepted, compared with 63 percent in June. "It's hard to describe it as anything but ugly," said Michael Pond, an interest rate strategist at Barclays Capital. "The market is beginning to choke on the increases in supply."
