Long Bond Rally Continues
Bonds took a round trip after a second day of initially explosive gains Thursday following the Treasury halting bond issuance, a historic plunge in the NAPM index to 39.8% and more unwinding of curve steepeners. The December bond notched another two-point gain and the cash bond a three-point gain, but fatigue finally set in and the December bond closed up 13/32 at 110-26 and the cash bond held on to just a one-point gain to 108-25.
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