Long-dated Treasuries Lower
INFORMA: Treasuries ended modestly changed. The main event was Greenspan's House Budget Comm Testimony. But as Greenspan held no surprises and stuck to the topic, Treasuries saw modest impact. The only market moving comment was Greenspan's acknowledgement the long rate rise is less of a "conundrum". Prices upticked modestly. Treasuries opened lower, falling further on the deluge of fresh corporate supply, and some spillover from the pressure seen in European bond markets following Hollands 30-year bond issuance. Prices edged back into the black, with a tight range ensuing, amid light volume. Into noon, Treasuries were back to even, with corporate issuance stealing retail interest.
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