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Bonds Fall


S&P MARKETSCOPE: Treasurys fell this afternoon when crude oil and gasoline futures plunged on profit taking, which drove many investors to put their money into equities. A few sellers pounced in Philadelphia Fed President Santomero's comment "some measures of near-term inflation expectations have shown an uptick over the past month". But he also noted "longer-run expectations are that inflation will remain well contained". 10-year Treasurys were off 13/32 to 96-08/32 for a yield of 4.478%. Stone & McCarthy's John Canavan said there was "a lot of focus on the 4.42% level. The push below there earlier today was seen as a plus, but the failure to hold a bid below there added to the selling."


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