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Treasuries Skid on Stock Advances

The week ended on a sour note Friday after a strong run on Treasuries right up to Thursday following the somber FOMC minutes. But stocks rallied after Cisco reorganized and declared earnings stability, while Microsoft launched its Windows XP software application even as remedies for its alleged antitrust activities were bounced back down to the lower courts.

Curve steepness peaked after Tuesday's FOMC at +180 basis points, but buyers of the two-year note and 30-year note spread came back in below +170 basis points as the week wore on. The September bond finished down 14/32 at 105-00 on the day, but well above 104-19 session lows, set when stock hit highs of +2-4%. Data offerings split the difference, with July durable goods down 0.6% and June revised down sharply to -2.6%. July New Home Sales nearly matched highs set back in March, at +950,000.

Dallas Fed Chief Economist Rosenblum said there was more room for cuts, but acknowledged a growing number worried hawks on the board. The Fed Senior Loan Officer Survey indicated that though the number of banks tightening their C&I lending standards continued to decline, it still remained an elevated level.

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