Long-term Treasury bonds saw their earlier gains disappear yesterday afternoon when the Treasury's refunding announcement wiped out hopes of another cut in the bond auction.

Late in the afternoon, the 30-year bond was unchanged on the day and yielded 7.42%, after having been up as much as 1/2 point before the refunding announcement. Short-term and intermediate notes closed with some of the day's gains intact, with the 10-year up 1/8 point.

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