INFORMA: Treasuries endured a choppy session on Tuesday, with long-dated treasuries prices falling. Cash volume was subsequently fairly robust for a session preceeding an FOMC Statement. Ahead of ISM, there was some long-end buying early on, but following a softer headline ISM, retail bought. Treasuries jumped, but retreated quickly on the back of a trade unwind linked to an Asian player. Prices were stagnant from noon until shortly before the close, when short covering rescued the moribund trade. The market is preparing for the Treasury's refunding announcement tomorrow. They expect $51 billion package of 3, 5 and 10 year notes.
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