Treasuries End Lower

Treasuries showed some signs of fatigue after a strong pre-holiday run

Treasuries showed some signs of fatigue after a strong pre-holiday run, with short-dated paper outperforming on near-term panic and the long-dates sinking on building risk of a capitulation and trading rebound on stocks after Labor Day. This schizophrenic bias played out on the steeper curve, with 2s/30s surging to +178bp from below +173bp.

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