Long Bond Lower Despite Rate Cut

The Treasury temporarily suspended bond buybacks -- most likely to help fund the $40 billion rescue package from Congress

It was a professionals' market on Monday, Sept. 17, in the aftermath of an unprecedented absence of stock market trade. Treasuries were under pressure from Wall Street paring losses and, frankly, just the fact that the markets were functioning due to heroic logistical efforts in New York City. The resumption looked hopeful as stocks rallied back from deep single digit losses, but neither public fund money, company buybacks nor half point rate cuts from an assortment of central banks could turn the tide of pent-up selling pressure.

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