Wall Street Journal
June 6, 2011
Short-dated Treasury prices staged a late-session comeback Monday on statements among euro-zone officials that threw a Greek bailout package back in doubt.
The late-day news made this session the fourth in a row in which the benchmark 10-year yield traded near the psychologically important 3.0% mark, a level traders and analysts keep a close eye on.
Earlier in the session, the prospect of looming supply via upcoming Treasury auctions had weighed on the market. But when French and European Union officials started speaking about Greece's debt crisis, investors started to opt for the safety of U.S. government debt.
Conflicting stances among European leaders on how to rescue Greece from its debt stoked demand for short-dated Treasurys. This helped five-year notes lead the comeback, up 2/32 in price to yield 1.594% in late trading.
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