Treasuries ended mixed yesterday with the short end turning in the best performance after a decent note auction and the long end lagging behind as players unwound yield-curve flattening trades.

The 30-year bond ended down more that 1/8 of a point, to yield 7.53%, while the two-year note closed up 1/32, to yield 6.08%. Short-dated governments reacted positively to healthy demand for the first of this week's monthly note auctions. The Treasury's sale of $17.1 billion of two-year notes met with better-than-expected demand yesterday, despite widespread expectations for a near-term tightening of monetary policy.

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