Treasuries weakened after trading in narrow ranges throughout the day, underpinned by Federal Reserve Governor Mishkin's comments that 75 bps in rate cuts should prevent the economy from risk of any serious deterioration. 10-year note fell 08/32 to 103-07/32 for a yield of 4.34%. 30-year bond slid 11/32 to 105-27/32 for a yield of 4.63%. A recovery in equities from their worst levels late in the day contributed to bond price weakness. Meanwhile, the 10-year note appears to have attracted sellers after the yield tested technical support around 4.30% over the past two days.
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