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July 9th, 2012
September 30-Year Bonds broke out to their highest level since June 6th this morning, supported by fresh safety demand, more evidence of a slowing global economy and anticipation of another EU meeting. Yields on Spanish government debt climbed back above the 7.0% level, and that seemed to inject further movement away from risk assets into the US Treasury market. Some traders also indicated that the weak US labor market data Friday and slower than expected inflation in China gave central bankers more scope to provide further monetary stimulus, and that could be offering another source of support to the Treasury market.
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