Treasuries End Higher
U.S. Treasuries ended higher following Federal Reserve Chairman Alan Greenspan's testimony to the House Budget Committee. Greenspan said the economy regained traction and inflation eased, but that the oil outlook was uncertain and budget prospects were troubling over the long-term. Stocks moved lower following his comments.
Data also raised concern over the economy. The Federal Reserve's Beige Book showed slower economic growth in some districts in July and August.
Informa says soft retail sales trend continues, with the ICSC-UBS index showing U.S. same-store sales flat on the week ending Sept. 4 while the year-over-year growth pace slows to 2.1% from 2.6% and 2.9% over the past two weekly reports. The ICSC-UBS report projects that September same-store sales should rise by 2% to 3%.