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July 13th, 2012
After an initial run up in Treasury prices off Chinese economic news, Treasuries fell back and perhaps a portion of the bull camp simply decided to bank profits and move to the sidelines. Even the US PPI report was cause for some long profit taking today as US producer inflation levels were not as deflationary as expected and for some a hotter than expected PPI in some ways points to residual forward motion in the US economy. Treasury prices might have been partially undermined by comments from the Fed’s Lockhart as he didn’t seem to be pointing to near term action from the FOMC.
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