Treasuries Slightly Lower ahead of FOMC

ACTION ECONOMICS: A lackluster session subject to low-volume technical twitches ruled on the eve of the FOMC decision Wednesday. Initial global stock market declines and spillover strength from JGBs and Bunds sparked an early bid along with a deeper inversion of the curve, but that soon reversed with stocks. The 10-year note auction went off without a hitch, though the mixed results provided thin cover for afternoon profit-taking as well.

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