Salient to Investors:

Brian Edmonds at Cantor Fitzgerald said there is not a whole lot of willing buyers in Treasury land. Hedge-fund managers et al increased net-short position in 10-yr note futures last week to the most since July 2012.

Jason Rogan said the numbers are on the weak side, but not enough to change the mentality of the market, which has made up its mind in going to higher yields.

Drew Matus at UBS Securities said many expect tapering in September, which is the right thing for the Fed to do, and long-term its acknowledgement the economy is strong enough to survive without continued rounds of easing is a net positive.

65% of economists expect tapering in September. Investors see a 50 percent chance the Fed will raise the federal funds rate to 0.5 percent or more by January 2015.

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