S&P MarketScope: In early trading Monday, The 2-year Treasury was flat at 99-29/32 for yield of 3.184%, 10-year notes were off 01/32 to 101-21/32 for yield of 4.176% and the 30-year bond was off 02/32 to 106-21/32 for yield of 4.588%. Still pondering news lack of interest led major banks to drop the Master-Enhanced Liquidity Conduit, or M-LEC plan. In many cases the banks, in particular Citigroup (C), have bitten the bullet and moved the assets onto their own balance sheets, alleviating a key rationale for the rescue fund. Also on Friday, the Fed said it planned to continue with its biweekly Term Auction Facility (TAF) tenders "for as long as necessary to address elevated pressures in short-term funding markets." The Fed, European Central Bank and three other major institutions made coordinated loans intended to restore confidence in financial markets following this year's U.S. subprime mortgage crisis.
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