Treasurys dip after auction

By Blake Ellis, staff reporter

NEW YORK ( -- Treasurys slipped Tuesday after a $38 billion auction of two-year notes, with $66 billion in debt sales still on tap for the week.

What prices are doing: The benchmark 10-year note fell 15/32 to 103-25/32, pushing its yield up to 3.05% from 3% late Monday. Bond prices and yields move in opposite directions.

10-year yield

The 30-year bond lost 1-1/32 to 105-2/32 and its yield was 4.068%. The 2-year note edged down 3/32 to 100 and yielded 0.65%.

On Monday, Treasurys were flat as investors prepared for the week of auctions.

What's moving the market: This week's debt sales kicked off Tuesday with a $38 billion offering of two-year notes. The bid-to-cover ratio, a measure of demand, was 3.33 -- slightly higher than that of the previous two-year note auctions.

A $37 billion auction of five-year notes is on tap Wednesday, and the government will sell $29 billion in seven-year notes Thursday.

Earlier in the session, bond prices fell as stocks extended the previous session's rally after reports on housing and consumer confidence were mixed.

The Case-Shiller index of home prices in 20 cities showed that home prices rose 4.6% in May after rising 3.8% in April.

A separate report said consumer confidence dropped for a second straight month, to 50.4 in July. Economists surveyed by expected a reading of 51. To top of page

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