Treasuries Close Mixed

The long bond is left out of the rally as equities slump

Curve steepeners were in full force Wednesday, as another meltdown in the tech sector gave the short end of the Treasury curve a lift at the expense of the long bond. Indeed, the long bond failed to capitalize on the safe-haven flow and closed slightly lower on the session. Talk of unwinding of recent yen-carry trades, some asset allocation shifts into quarter-end, some inflation fears, and lingering concerns about the implications of Tuesday's confidence data left the 30-year heavy.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.