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Treasury Prices Fall

MARKETSCOPE: Treasury bonds were heading solidly lower in intraday trading on Monday, as investors took profits in the energy markets after the rally following Hurricane Katrina.

The 10 year notes were off by 11/32 to 100-23/32 for a yield of 4.166%, while the 30 year bonds were off by 22/32 at 114-05/32 for a yield of 4.444%. Oil and gold futures, which had sparked some flight to safety in bonds recently, were also solidly lower.

But inflation concerns remained alive, with the Producer Price Index, Consumer Price Index and Retail Sales reports due for release this week. A.G. Edwards' Bill Hornbarger in St. Louis thinks the market expects the Federal Open Market Committee to raise interest rates at its meeting next week. Still, there are many other economists who argue that the Fed should pause its credit tightening program, in order to stimulate the U.S. economy's recovery from Hurricane Katrina damage. The Federal Open Market Committee vote on rates could be split.

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