Treasuries End Lower

Treasuries drifted lower for most of the day amid supply concerns, the near-capture of Saddam, and hawkish Fedspeak

Treasuries continued to falter on Monday, extending their dramatic five-week losing streak following relatively hawkish Fedspeak, the near-capture of Saddam Hussein and more convexity-related selling in the belly of the curve. The 10-year yield picked up where it left off last week, backing up about 10 basis points to the 4.30%, triggering up mortgage-related selling en route through the key 4.25% psychological area.

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