Treasuries End Flat

Treasuries recovered from early weakness and closed near their highs of the day as stocks fell

Treasuries recovered from early weakness and closed near their highs of the day as equities could not maintain their bid and slumped through the afternoon. With little else on which to focus (weekly retail sales and regional manufacturing figures were overlooked), Treasuries tracked the gyrations on Wall Street nearly tic-for-tic. Overnight gains in stocks had Treasuries on the defensive from the open, with the short end pacing the declines as some of the recent curve steepening/safe-haven trades were unwound.

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