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August 24th, 2012
The Treasury bond market forged a rather wide trade range today and while prices fell back from its early highs, the reaction to the scheduled data flows was pretty impressive. In fact, given the stronger than expected Durable Goods results for July and the upward revision in the June Durable goods one might have expected Bonds and Notes to have seen some noted downside off a temporarily reduction in US easing prospects. In the end, Treasury players seem to fairly convinced that the Fed will act into or ahead of their next meeting, especially in the wake of a dovish letter from the Fed Chairman to a member of Congress.
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