Long-term Treasury prices plummeted after yesterday's 30-year bond auction as the cumulative weight of the $36 billion of new refunding supply and some Republican talk about lowering taxes caused massive selling.

Late in the day, the 8% 30-year bond was down 1 1/4 points to yield 7.41%, and the new long bond was quoted at 7.37%, up sharply from the 7.29% average yield at the auction.

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