There were rumors China may revalue its currency in March. Based on that rumor, people are assuming China may buy fewer Treasuries. And then the market broke certain support levels.

Frank Hsu

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With people convinced the Fed will go again in March, fed funds will be up at 4.75 percent. So why buy three-year paper at 4.60 percent?

The TIPS auction was better than anticipated, especially the indirect bid. Technical buying and a weak stock market also helped.

AnticipatedAuctionBid

It was an average auction.

The market has traded very poorly. Gold is trading above $600, which is indicative of the inflation outlook. Then there is fear about a strong jobs number tomorrow.

We're breaching key support levels here and that has triggered more selling. We're seeing a combination of central bank selling and portfolio managers hedging.