Treasuries Lower on Profit Taking

Treasuries Lower on Profit Taking

Action Economics: Yields continue to nudge higher and the curve extended its flattening trend as the bond market sets up for the FOMC decision this afternoon and stocks continue to price in some relief from the Fed, especially the financial sector stocks after Lehman earnings suggested some light at the end of the mortgage tunnel. The 2-year yield is up 5 basis points at 4.12% on the day, while the 10-year is up 4 basis points and the 2s-10s spread inside +38 bp.

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