Treasury End Higher
Treasuries Rise on Terror Bid
Treasuries opened higher, though the stronger-than-expected consumer confidence and existing home sales reports forced prices lower, but the dip was bought. Short-covering limited price depreciation. Midday, block mortgage sales were neutralied by rate-lock buying.
Early Fed Moskow comments were not market moving, and Greenspan neglected monetary policy and stuck to the energy topic. But prices then zoomed higher on 15 blasts that shook Damascus, Syria, nearby the British and Canadian embassies, as well as heavy allied bombing of Fallujah. Rate-lock buying, vs. the $300 million 30-year CNF deal, underpinned the bid in the long end into the close.
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