Bonds Decline as Stocks Rebound
It was the promise of a rally on Wall Street, rather than its appearance, that set Treasury nerves on edge Monday. Perhaps even the late recovery in Europe after the unemployment jump on Friday knocked another 2% to 3% from overseas indices was a factor. The cash bond shed a point and the curve steepened as the long-end underperformed. The December bond sank 20/32 to 104-22 and the two-year note and 30-year note spread widened to +192 basis points.
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