weighed down by a strong IFO out of Germany, more Japanese selling, an improved situation in Argentina, an unsteady U.S. stock market, and finally a 2Y note announcement, the size of which was a larger-than-expected $14.0 billion. Other credit markets did better against treasuries. The treasury market was overbought, traders thought, and much of the morning trade revolved around consolidating gains garnered after the Federal Reserve cut interest rates 25 basis points Tuesday. By days end, on a 3:00 p.m. to 3:00 p.m. basis, the 2Y yield was higher by 5.9 basis points to end at 3.735%. The 5Y yield rose 3.1 basis points to end at 4.481%. The 10Y yield rose 1.6 basis points to end at 4.906%. The 30Y yield fell 0.8 basis points to end at 5.442%.