Investor appetite for Treasuries declined while interest in stocks grew. Yields on 30-year Treasuries increased from 4.10% on Wednesday to 4.30% on Thursday, their highest level since November, after a government auction saw bids that were priced lower than expected. "It was a terrible auction," said RBC Capital Markets economist Tom Porcelli. "In an environment where markets are pricing in a better macroeconomic backdrop, it is harder to sell bonds at low yields."

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