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Treasuries Pare Gains

From Standard & Poor's Equity ResearchAction Economics: Treasuries pared their strong post-employment gains slightly after the ISM services data failed to show significant weakening in that sector of the economy which would have added to the markets' recession fears. With the services sector still holding up relatively well despite the hurdles from the housing contraction and the credit market turbulence, some profit taking was noted from leveraged and trading accounts. The 2-year note yield edged up to 2.71% from a low of 2.65%.

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