Bonds Hit on U.S. Spending Concerns
An ugly day in the U.S. capital markets Thursday culminated with stocks testing fresh lows and bonds shedding nearly a point. Losses at the long-end were compounded following key testimony on Capital Hill, eventually dragging the short-end under water, though the curve held its steeper profile. Stocks continued to sink under their own weight, though the long-end of the Treasury curve was laboring under the burden of mounting fiscal concerns related to the terrorism aftershocks.
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