TREASURIES-Bonds erase most losses after Fed minutes

NEW YORK, July 10 Wed Jul 10, 2013 2:22pm EDT

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NEW YORK, July 10 (Reuters) - U.S. Treasuries prices erased most losses after the Federal Reserve's release of the minutes of its June policy meeting showed policymakers were a little more dovish than the market had counted on.

The benchmark 10-year Treasury note, down 8/32 before the minutes of the June 18-19 Federal Open Market Committee were released, erased that loss before slipping 2/32. Its yield stood at 2.65 percent.

Even as consensus built within the Fed about the likely need to begin pulling back on economic stimulus measures soon, many officials wanted more reassurance the employment recovery was on solid ground before a policy retreat, the minutes showed.

Subsequent to the mid-June monetary policy meeting, the U.S. Labor Department on July 5 released June employment data that the market viewed as stronger than expected, as well as upward revisions to previous monthly job counts.

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