Data Stings Bonds
Better than expected data and weakness in the dollar kept pressure on Treasury prices Wednesday, albeit in an uninspired, corrective session where shorter coupons underperformed. The two-year and 30-year curve continued to back away from new eight-year wides (+183.7 basis points) reached on Monday, narrowing to the +173 basis point area. Flows remained relatively light, however, and typical summer malaise left buyers scarce.
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