Treasuries Climb as Stocks Tumble
Volatility continued to characterize action in the Treasury market Monday. But despite the 1-1/2 point range on the 30-year, trading was lackluster. One bit of consistency was short-end outperformance, however, as expectations for a Fed rate cut Tuesday kept the two-year notes well bid on the day. Shorts were reportedly covering their positions heading into the Fed meeting after last week's debacle where the yield on the note surged to over 3.20%. The note closed at 3.08% Monday. Sources reported some NOB buying (five-year issues for bonds) and FIT selling (five-year issues against ten-year issues).
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