Treasuries Finish in the Green
Not a whole lot went on in Treasuries. Initial claims was the only economic data of the day and although they fell more than expected to 339,000, continuing claims rose 81,000 to 3.315 million, effectively canceling each other out as far as the market was concerned.
Prices at first tried to go lower, but that was short lived and prices rebounded. Curve trades then took over as players sold 2-year notes, vs. 5-year and 10-year notes. Later, there was some shortcovering and more year-end window dressing, but neither the pit nor the cash market reported any notable flows of any kind, as no one really wanted to initiate new positions on the last day of the year.
The market is closed Thursday for New Year's day, and will reopen on Friday in what is expected to be another light trading day.
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