The Treasury 30-year bond yield broke below 7 1/2% in turbulent trading last week as long-term prices outpaced the short end of the market.

This week, Treasury activity is likely to quiet down as participants wait for Friday's key July employment report. But analysis said they expect long-term Treasury paper will continue to outperform the rest of the market over the long-term, as investors extend the maturity of their holdings in search of higher yields.

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