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Treasuries Take a Breather

Treasuries consolidated after raising the price bar to fresh highs Monday, but the curve re-steepened along with mostly dovish comments from Federal Reserve officials that kept hopes alive of a Fed ease by summertime.

Corporate supply ramping up helped offset some of the positive impact of deep losses in European and U.S. equities, which didn't provide much further fuel to Treasuries.

Leading economic indicators was the sole data release during the session and a tepid 0.1% gain in the survey (vs. a 0.2% decline the previous month) did not really register on the market. The curve pendulum swung back to the front-end on the easing speculation and softer stocks, which stopped the back-end in its tracks. Benign neglect of the dollar after the G7 meeting, Japan's 2 trillion-yen Resona bank bailout, fresh waves of terrorism, and dovish comments from the Fed's Roger Ferguson late Friday were all rolled into the front-end mix. Fed hawk Poole agreed deflation risk was minor, but was only lukewarm on the economy. The June bond closed down 7/32 at 119-02, but the yield spread between the 2-year note and 30-year bond firmed 3 basis points to +313 bp.

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