Treasury Yields Higher
Action Economics: Dip buyers provided some support to U.S. Treasury securities overnight after yields climbed to their highest levels since the beginning of the month. Technical buying was reported as the 10-year tested 4.70%. A rebound in EGBs in response to weaker than expected data and the advent of the weekend enticed buyers as well. Asian central banks were reportedly picking up 10s. Shorts also covered especially after heavy mortgage servicer selling yesterday. Some better receiving interest was also noted in 10s.
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