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Bond prices took it on the chin yesterday in the wake of the huge equity rally and also in the face of sharp increases coming in the issuance of US Treasuries. The US 10 year closed at 4.08%

 This morning, with equities tumbling and also following a very weak retail sales print, bonds are rallying.

On a positive note, the TED spread is moving lower as confidence is trickling back to credit markets. There is some evidence of credit beginning to flow.

The Bank of Canada has acted to broaden its help to the credit markets and the new Federal Government is expected to kick in additional measures also.

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