Munis Unable to Maintain Early Momentum, End Day Unchanged

Johnson, Anastasija; Curran, Bill
February 2005
Bond Buyer;2/25/2005, Vol. 351 Issue 32078, p2
Trade Publication
This article reports that the municipal bond market gave up earlier gains to finish near the unchanged line yesterday after Treasuries were unable to sustain curve-flattening momentum and the front end declined following a disappointing two-year note auction. Traders said bond prices were marked up and yields fell two basis points in the first part of the session, when Treasuries were at their highs, but the bid side faded as the day wore on. After a strong open, the government bond market eased and was pressured further by the two-year note auction. The Treasury sold $24 billion two-year notes at a high yield of 3.498 percent and a price of 99.76.


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