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Treasury Prices Rise Amid Short Covering

MARKETSCOPE : Treasury bond prices rose on Wednesday, as investors covered their shorts ahead of the March labor report release on Friday morning.

The benchmark 10-year note rose 06/32 to 97-12/32 for a yield of 4.84%, while the 30-year bond rose 08/32 to 93-28/32 for a yield of 4.89%.

Treasury Secretary Snow told a House Appropriations subcommittee he expects the payroll data on Friday to reflect strength in the economy -- enough to help reduce federal budget deficits.

Federal Reserve Chairman Ben Bernanke's speech on financial literacy did not follow up on Kansas City Fed President Hoenig's comments overnight. Hoenig had suggested the Fed is close to the end of its tightening cycle.

News also hit on Wednesday that the Institute for Supply Management nonmanufacturing index unexpectedly rose to 60.5 in March, after jumping 3 points to 60.1 in February.

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