Treasuries End Higher

On the economic front, November import prices fell, as prices of imported goods dropped, led by cheaper oil

Treasuries closed higher as the front end benefited from beliefs the Fed is still in play, but also from safe-haven trades into the holidays and year-end, with cash being parked in the two-year bonds.

On the economic data front, November import prices fell 1.3%, as prices of imported goods fell, led by cheaper oil, industrial supplies and machinery -- another sign inflation poses little threat during the first U.S. recession since 1991. The U.S. current account deficit, which gauges international trade, narrowed to $95 billion in the third quarter from an upwardly revised $107.58 billion, as Americans bought fewer overseas goods. Standard & Poor's expected a further drop to $90.9 billion.

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