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Treasuries Finish Higher

There was no let up in the bond market's advance Thursday and yields closed in on three-month lows. Despite the lack of news or real flare-ups at any of the global hot-spots, the mere whiff of event risk kept Treasuries very well bid and Wall Street on shaky footing.

Indeed, reflective of the jumpiness in the market and unwillingness to be short, Treasuries chopped higher on a warning from the FBI of possible shoulder-to-air missile attacks on U.S. airliners, and acknowledgement of evacuation plans for U.S. citizens from the Indian sub-conteninet were all bonds needed to push higher. Of course those factors added weight to an already burdened Wall Street.

Meanwhile, sources also reported ongoing central bank demand for shorted dated notes. Interestingly, traders indicated that the further weakening in the dollar to below 123.00 on the yen added to gains based on expectations of more currency intervention.

Convexity plays were also at work, especially as the yield on the 10-year note dipped just shy of 5.0%. Front-running of month-end indexed buying was also supportive. Data had little impact, though the market did edge slightly higher on the 49,000 rise in continuing jobless claims.

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