Treasuries Higher

Treasury prices were higher in thin-trading on Thursday on weaker-than-expected Chicago PMI numbers and employment numbers.

INFORMA: The market made a big move up on Thursday, though one exaggerated by thin volume. There was no reaction at all to weekly jobless claims. Chicago PMI numbers came in slightly weaker than expected at 61.2 and prices made a small move up. But when the 49.1 employment component came out, prices shot up, triggering small stops on the way, dominated by fast money. As the market moved up, players concerned with month end indexes decided to move in and not wait till tomorrow. Trade slowed in the afternoon hours but the prices held, spurred by month end buying and shortcovering.

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