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March 26th, 2012
After some noted early weakness in prices, June bonds managed to claw back to finish modestly below last week’s closing level. US scheduled data was somewhat softer than expected and that might have provided the market with some minor recovery capacity today. In the end, strength in equities and weakness in the dollar seemed to leave the bear camp with minimal control over Treasury prices. In retrospect, the market was unsure of the next move from the Fed as the Fed Chairman seemed to suggest that the US labor sector was still in need of ongoing assistance.
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