Stock Strength Pressures Treasuries
Treasuries continued to lose ground Monday, with the long bond falling 27/32, as the Dow extended its gains from Friday. Trading was rather uninspired, though, with dealers generally content to unwind the recent safe-haven bid. Action on the curve was choppy. The short end underperformed early on as Wall Street's solid gains supported a flattening trade. But ironically, the curve actually took on a steepening bias into the afternoon as sellers of the back-end dominated.
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