...than one jolly individual was hoping for.
The reversal of the earlier gains in the Treasury market was also attributed to a so-called fat-finger error. Several primary dealers say an investor intended to put a bid on $6 million in 10-year Treasury notes, but mistakenly put an inquiry of $6 billion to some dealers. The error was spotted and the trade didn't go through, dealers say.
"It was an end user that requested a bid and typed the wrong size," said a trader at a major U.S. bank. "Nothing traded on it as it was clearly a mistake but it spooked the market a bit."