Treasuries End Lower

Treasuries pared losses into the close after falling on stronger-than-expected data

Tuesday was about the weekend reversal trade. On the New York open, dealers began to reverse the week-end terror and month-end trade. However, stronger than expected ISM (especially the surge in the employment component, which got many economist upping nonfarm payroll estimates) and construction spending data sparked a wave of selling. But short covering emerged, with Treasuries paring the session's losses by half into the close.

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