Treasuries Post Losses
U.S. Treasuries were lower across the yield curve on Christmas Eve, as paltry liquidity and modest stock gains gnawed away at the market. The massive $155 billion default by Argentina had scarcely any impact on the front-end of the Treasury curve. The interim government continued to play some populist FX games by leaving the dollar peg in place and possibly introducing a new currency. The global and Latin American fallout was seen limited at first gloss, though the dollar seemed to appreciate the news as European banks were seen as more exposed to the crisis.
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