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Treasuries End Little Changed

A shortened day was had by all. Treasuries closed largely unchanged on Wednesday (the day before July 4 national break), with a little curve steepening for good measure on any event risk over what will be a long weekend for many.

Other than another bout of stock indigestion, it was mostly a featureless consolidative session and a set-up for payrolls on Friday. Stocks fell another 2-3% across Europe after their immunity from corporate governance and accounting indiscretions was lost. U.S. shares didn't falter as deeply (0.5%-1.0%) stateside, but the Dow passed through 9000 like butter, the S&P struggled below 950 and Nasdaq was dented below 1350 after chip-maker AMD guided earnings lower yet again.

Data was mostly positive, with an 11,000 drop in initial jobless claims, an 0.7% gain in factory orders, though there was a 3 point drop in the Services ISM index to 57.2. Two-year yields dipped back below 2.75% and Fed fund futures pointed to only 10% risk of a rate hike this Fall, as the safety premium remained elevated.

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