S&P MARKETSCOPE: Treasuries rose on Wednesday, erasing early losses, on the back of a relief bid following Fed Chairman Greenspan's testimony to the House Financial Services Committee. Greenspan did not bring any evidence to the table showing the Fed was more hawkish than what the bond market had already discounted.
The 10-year note rose 04/32 to 99-23/32 for a yield of 4.16%. The 30-year bond climbed 17/32 to 114-02/32 for a yield of 4.39%.
Greenspan reiterated the Fed's outlook for a measured pace of rate hikes, and said economic growth forecasts were unchanged, while inflation projections were revised up slightly.