Nearly all The Bond Buyer's weekly yield indexes rose this week, as firmness that existed in the market prior to the three-day Memorial Day weekend eroded upon return due to rising Treasury yields.

"The overlay for the marketplace looks really pretty dim," said Howard Mackey, president of the broker-dealer business unit of Rice Financial Products. "I don't really see what's going to strengthen the market. Last week, it was kind of evident we were heading towards a 4% yield [for the 10-year Treasury note], and as it turns out, we did it in the next few days."

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