Treasuries Finish Lower

Treasuries opened Friday's holiday-shortened session lower. The conflicting news overnight regarding a news article that said China was reducing dollar-denominated reserves sent the dollar plunging to a new low and pulled Treasursies lower as well. But a Chinese central bank official denied the story, with Treasuries and the dollar then paring losses by the time New York trading opened. Interestingly, the yield curve steepened on the move. Flows were practically non-existent from retail accounts, as Friday was an extension of the Thanksgiving day holiday.

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