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Treasury Bond Prices Continue Falling

MARKETSCOPE : Treasury bond prices were still falling Friday, after Institute for Supply Management index news hinted at stronger than expected U.S. economic growth.

The benchmark 10 year notes fell to 99-19/32 for yield of 4.682%, from 98-28/32 for yield of 4.640% earlier Friday. Prices fall when yields rise.

Yields rose after news that the Institute for Supply Management index jumped to 60.1 in February from 56.8 in January. The employment index rebounded to 58.2 from 51.1.

The overall ISM nonmanufacturing index and the sharp rise in the employment subindex underscore that economic growth and job creation remain solid, according to Bear Stearns economist John Ryding.

Nonetheless doubts remain.

Deutsche Bank's Joe Lavorgna thinks February payrolls data next Friday will be below 200,000, partially due to weather effects related to a blizzard in the Northeast, but also due to a return to more typical winter weather nationwide.

The 30-year bonds dropped to 97-18/32 for yield of 4.655%, compared to an earlier 98-04/32 for yield of 4.616%. Markets had already lost ground Thursday amid inflation fears.

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