Treasuries Soar on Weaker Confidence Report
Ebbing consumer confidence provided the catalyst for yet another day of allocation out of equities into Treasuries Tuesday, led by prices in the belly of the curve, which outperformed amid talk of convexity demand. A major blow to the economic recovery story, August Consumer Confidence fell to 114.3 from a downwardly revised 116.3. The headline decline defied median forecasts of a gain to 117.5 built upon early tax rebate receipts and was almost entirely due to the decline in present situations component to 145.3 from 151.3 -- the lowest since April 1997.
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