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April 11th, 2012
Treasury prices were mostly off balance today and it was telling for prices to remain soft in the face of suggestions from the Fed’s Lockhart that it could take a series of soft US numbers to see the fed move to implement QE3. The market was probably a little technically overbought and seeing a bounce in equities probably caused some profit taking in Treasuries. Some traders think the Beige Book is old data and that the focus of the trade is looking ahead to potential activity in late April and early May. Perhaps June bonds were simply a little overdone by trading significantly above the last four months consolidation lows on the charts.
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