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August 29th, 2012
US Treasury markets trended lower throughout the morning hours, with September 30-Year Bonds falling below yesterday’s low. This morning’s second look at US Q2 GDP that came in stronger than the preliminary reading, and that served to push prices into new lows on the session. Some traders indicated that the reading might have slightly reduced the markets expectation for more quantitative easing, but that economic growth was still crawling at a slow pace. US Pending Home Sales were much better than expected, climbing to their highest level in two years, and that put added pressure on the Treasury market. Another drag on prices this morning came ahead of the US Treasury auction of $35 billion 5-Year Notes.
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