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Treasuries Finish Slightly Higher

Snow storm. Treasuries began Monday in a deficit thanks to an interview in the London Times with Treasury Secretary Snow that erroneously indicated the Administration would favor higher market rates, in line with growth. The White House subsequently clarified that Snow was merely observing that the stronger economy might cause higher rates -- the early deficit was then quickly turned into a surplus.

On top of errant reporting, the 0.2% drop in leading indicators brought to a halt the five consecutive gains in this gauge. The confirmation by the CIA that the latest Bin Laden tape appeared to be authentic (and recorded in the last six months) also help lend some safety to the corrective bid.

Otherwise, it was a low volume upmove that stalled out by session end. Some light curve activity in the front-end, buying 2-year notes for 5-year notes, and a bid on December bonds were reported. A mortgage servicer reportedly sold 5,000 104 puts on March 10-year notes for bullish hedge. The December bond closed 12/32 higher at 107-06, up from a half-point loss.

While the 2-year note and 30-year bond spread initially flattened sharply on dovish Fedspeak from hawk Broaddus, it finished only a basis point tighter at +337 basis points. While optimistic on the economy, Broaddus was still concerned about the risk of disinflation.

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