It is a quiet start in Treasuries with prices lower and the curve steeper. On balance the economic data this morning were a tad stronger than expected. The Empire Survey was stronger and Philadelphia Fed was weaker. CPI is a push and the initial jobless claims posted another decline. So on balance I think it is fair to say the numbers were a tad bond unfriendly. The dollar is doing its imitation of a moribund feline striking the pavement against the Euro and the yen. Some have suggested that
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Treasury Update
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