Getting your player ready...
NEW YORK — Treasurys sold off sharply Thursday after an afternoon auction of $9 billion in 30-year bonds attracted disappointing demand.
The weak response was startling because the small size of the offering was expected to guarantee a solid sale.
Instead, investors bid for 1.82 times the amount of notes that were offered, a low level of demand for long-term bonds, which are the mainstay of many pension funds. There also appeared to be low interest from foreign central banks and other institutions that do not submit direct bids but are represented by third parties.
The weak showing comes at a time when investors are questioning the desirability of the 30-year bond.
