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August 29th, 2012
The Treasury market was mostly off balance to lower today as the scheduled data was slightly better than expected and that dampened fears of slowing and might have leveled easing expectations temporarily. The 5 Year note auction didn’t seem to have much of an impact on bond prices but it is possible that the auction provided a minor delayed reaction rally of roughly 11 ticks. The bid to cover ratio today was 2.92, with indirect bids at 39.7% and direct bids at 11.0%.
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