Markets & Finance

Treasuries Mixed

INFORMA: Long-dated Treasuries rose on Monday after a weak opening and flat trading during most of the morning session. The economic calendar was empty, and ahead of Greenspan and a long list of data, there was almost no retail participation, with the exception of curve trades. Curve and option trade again took up the slack. Curve flattening bets by hedge funds/arbitrage, and others dominated trading. A Barron's article exacerabted the curve flattening mindset, highlighting what the long end has been obsessed with - a January Labor Debt speech suggesting an overhaul for pension plan investment and a need to match long liabilities as a result of aging demographics. Fannie Mae's buyback announcement also helped.

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