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July 31th, 2012
The Treasury market showed a two sided trade today in the wake of scheduled data that was at times contradictory. The initial report, personal spending and income presented a stronger than expected income result but that was countervailed by the spending result. While the private home price survey showed some price gains, the founder of that survey expressed doubt that the US housing market had actually bottomed and that probably served to underpin Treasury prices. It is also possible that some bond and note longs decided to bank profits and move to the sidelines rather than face what could be critical Chinese economic data tonight.
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