With better than expected economic news reported last week, there was less enthusiasm for Treasurys, which, ironically, just became very popular after the Federal Open Market Committee eased rates again the week prior. The market seems to be in a wait-and-see mode, analysts said.

"When the Fed eased, it seemed everyone came up with reasons why they should own Treasurys," said Kevin Jackson, senior analyst at RBC Dain Rauscher. "Now it seems like everyone is trying to find reasons why they should not hold Treasurys. The least bit of economic news creates jerky reactions."

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