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January 31st, 2012
The Treasury market started out weaker in anticipation of decent US scheduled data and also because of early gains in US equities. It is also possible that part of the early weakness in Treasury prices was the result of expectations of some forward progress on the Greek debt negotiations and with none forth coming, a reversal of sentiment wasn’t that surprising. Clearly disappointing US scheduled data fostered the recovery in Treasuries this morning, with the markets seemingly taking the softer than expected Consumer confidence as a sign that US growth might be moderating.
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