Retail added to the pressure early on, with reports of retail sales of intermediates out to bonds. Much of the flow, though, was linked to the unwinding of profitable curve flattening trades. However, in the Eurodollar pit, it was hedge funds who were the steady sellers for much of the session in the front month contracts, while swappers, who had been early buyers, turned sellers in the back months.
But as the lows held and stocks headed south, the bid returned. The Israel bombing also helped lift prices. But once the buying dried up, fresh selling was steady into the close.