Treasuries Soar on Dismal Consumer Confidence

The latest update on consumer confidence, plus more anthrax fears, drove Treasuries higher

U.S. Treasuries finished higher after consumer confidence exceeded even the most pessimistic expectations, leaving little doubt about the worsening state of the economy.

The Commerce Dept.'s latest dismal update on consumer confidence helped bolster bonds to fresh highs, with the Treasury curve steepening on the increased flight to safety. More anthrax scares also added to the buying interest.

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