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Treasury Prices Recovering

Standard & Poor's Equity Research

MARKETSCOPE : Treasury bond prices rallied on Monday, as investors covered their shorts and watched weak global equity markets.

The benchmark 10-year Treasury note rose 10/32 to 99-25/32 for a yield of 5.15%, while the 30-year bond rallied 19/32 to 88-18/32 for a yield of 5.26%.

The New York Federal Reserve reported its Empire State index dipped to 12.36 in May from 15.81 in April, as business activity slowed. The index, which had dropped nearly 15 points in April, reflects a 12th consecutive month of expansion albeit at a slower pace.

Market players continued making bets ahead of Producer Price Index and Consumer Price Index reports scheduled to take place later in the week. Stronger-than-expected price readings may raise expectations of accelerated Federal Reserve tightening.

The Federal Open Market Committee has raised rates to 5%, after a series of rate hikes designed to control inflation. Investors are speculating now about when the Fed will pause this credit tightening cycle.

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