Interest Rate and Treasuries Market Recap

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July 18th, 2012

September 30-Year Bonds established a new four session low during the overnight session but managed to grind higher throughout the US trading hours. Early support in the market came from ongoing economic concerns and Fed Bernanke’s testimony that raised worries over the US fiscal situation. Early support for the Treasury market came following strong demand at this morning’s 2-Year German Bund auction that drew a record low negative yield. There also seemed to be a measure of support in the US Bond market coming from German Chancellor Angela Merkel’s comments earlier this morning about her concerns for the Euro project. The market showed little reaction to this afternoon’s release of the Fed Beige Book report that showed modest economic expansion in the June-July time period.
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