It was another range-bound session, despite a well supported 2-year auction. Treausries held the opening strength following durable orders data, which -- upon closer inspection -- were not as spectacular as headlines suggested. Strong housing data reversed the positive tone, with further pressure added by retail profit-taking. Month-end and quarter-end preparations, and the 2-year auction set-up, were part of the motivation behind the sales. Prices popped, briefly, on a bomb found on a French rail line, but the event was linked to extortion, not terror, and prices fell back. The 2-year stopped 1-basis-point cheaper vs. the 1.00 p.m. bid (1.52%). But Treasuries sold off on retail and profit-taking.
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