Treasuries Soar on Short Covering

The rally was a surprise considering upcoming Greenspan speech and recent equity strength

The Treasury market finished with frothy gains Thursday, which is surprising given the resilience of the equity market and the fact that Federal Reserve chief Alan Greenspan will be talking about the economy Friday in a speech to the Bay Area Council in San Francisco. The reason for the rally: Shorts have had to cover as prices have extended higher, even as more supply has hit the Street, S&P's MMS says.

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