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Bonds Higher


INFORMA: After opening lower, Treasuries ground higher all session. Retail participation was scarce, and option expiry dominated flow. Fedspeak (plenty of it) echoed the same mantra, with inflation contained, and the economy picking up. Michigan Consumer sentiment numbers dipped, but future expectations jumped, and Treasuries moved higher. Activity dwindled to a crawl by noon, but asset reallocations trades out of stocks into bonds, short covering, and a round of forced in buying at the higher prices extended the move up.


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