Treasury prices were lower at the end of a choppy trading session yesterday as participants continued to fret over how federal tax cuts would affect their market.

Traders said yesterday's losses also showed dealers were adjusting their positions ahead of this week's supply. The Treasury will sell $13.5 billion of two-year notes today and $9 billion of five-year notes tomorrow, and the dealers are also aware that the quarterly refunding is approaching early next month.

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