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Treasuries Gain in Quiet Trade

The Treasury bond again paced the gains in a quiet Monday trade, and the 30-year bond closed up about a half point. Unwinding of curve-steepening trades and a little more impetus from expectations that the bond may become extinct after Thursday's auction fueled the bond.

The market opened little changed after an uninspiring overnight session and with little to look forward to Monday. Early gains in the bond came at the expense of the short end, and the Treasury curve narrowed to about +82 basis points from +96 basis points. More talk of the bond's demise sparked a rally, while comments from NY Fed President McDonough indicating that the economy should recover well in the second half of the year may have depressed the short end.

Weak economic data also factored into the market. A drop in the NAPM non-manufacturing index to a record low at 50.1 and a 2.4% drop in housing completions adding to the gains at the long end, and helped the short end recover from its lows as it suggested more Federal stimulus is needed. The bond ran into resistance at 111-22 (March bond at 105-00) and succumbed to profit taking through the afternoon.

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