Treasuries were lower Tuesday on weakening oil, firming stocks, and fears of Greenspan energy comments, according to Informa. For most of the day, there was no news, so ancillary markets were again in control. Swappers were the early sellers, but the sales were absorbed. A light bid developed, helped by a Bund/US spread trade (sold Bunds for Treasuries). After sitting in a tight range in positive territory, Treasuries fell on weakening oil and firming stocks. Tech-based selling then emerged as minor levels were broken. Volume was far from robust, with little retail participation. The lack of buying interest kept prices pressured, along with fears of Greespan energy comments. His comments had no policy implications, so Treasuries moved off the lows.
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