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July 13th, 2012
US Treasury markets trended lower throughout the morning hours, weighed down by a shift in sentiment that tamped down the recent safety bid. Overnight Chinese growth data came in line with expectations, and that was seen by some traders as a positive could prompt more stimulus. US equity markets rallied throughout the morning hours and this morning’s Producer Price index reading showed an unexpected gain in June. Both of these factors served to pressure a technically overbought market lower. There was data on US consumer sentiment that came in lower than expected, and that helped September 30-Year Bonds recover from their worst level of the session.
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