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Treasury Prices Rise After Bernanke Speech

From Standard & Poor's Equity Research

MARKETSCOPE : Treasury bond prices opened lower Wednesday amid stronger than expected consumer price data, but then reversed course after Federal Reserve Chairman Ben Bernanke presented his Monetary Policy Report to Congress.

The 10-year Treasury notes rose 20/32 to 100-19/32 for yield of 5.055%, the 2-year note rose 4/32 to 100-01/32 for yield of 5.11%, and the 30-year bonds rose 30/32 to 90-29/32 for yield of 5.101%.

Bernanke said he believed inflation rates, which are projected at 2.25% to 2.50% this year, will edge lower to 2% to 2.25% next year. That would be close to the Fed's comfort zone. He sees 3.25% to 3.50% Gross Domestic Product growth this year, and 3% to 3.25% next year. He also said the Fed "policy must be flexible and ready to adjust to changes in economic projections." He said Fed policy would be determined by the Federal Open Market Committee's analysis of the incoming economic information.

News also hit that June Housing Starts fell a more than expected 5.3% to 1.850 million after rising 6.6% in May to 1.957 million. The June core Consumer Price Index annualized rate rose 2.6%, putting it above the Fed's 2% comfort zone.

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