Treasuries Move Lower

Traders squared positions ahead of Greenspan's testimony before the House Banking Committee tomorrow

Ten-year and 30-year Treasuries traded solidly lower due to mortgage backed sellers. The note initially slipped as stocks rallied, but the then Treasuries rebounded off their lows on weaker than expected consumer confidence figures and a rumor -- later denied -- that U.S. troops were in Iraq. However, with significant event risk with Federal Reserve Chairman Greenspan's testimony before the House Banking Committee tomorrow, late afternoon position squaring weighed heavily on the note.

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