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Treasuries Finish Slightly Lower

Depressed Treasuries didn't have any more data to blame for their losses Monday, which were relatively mild and mostly a continuation of the events set in motion late last week with the firmer economic bias. Equities were central in this regard, gaining another 2-3%, while corporate supply continued to pepper the curve.

Treasuries held up remarkably well under the circumstances, after a volley of outright and call selling by dealers and brokers on Jun bonds and 10s. Rate locks on several corporate deals (Wal-Mart, Wells, Target, Tenet, Northwestern) were put on and removed over the course of the session. This may have exagerated early weakness and provided some later support.

The June bond sank as low as 101-05, but perked up to close at session highs of 101-23, a deficit of only 3/32. The curve maintained its flatter bias in line with renewed economic vitality, but closed 1 basis point narrower at +229 basis points. Front-end and Euro$ rate futures contracts suffered more heavily in the early going, but later recovered. July Fed funds futures have tacked on about 16% odds of an additional quarter hike in June.

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