Bonds Higher

Treasuries were higher Wednesday as the market focused on Greenspan's morning testimony to the Senate

Treasuries ended higher Wednesday, but amid light flow, according to Informa. The market focused on Greenspan's GSE testimony early on as the prepared text was leaked. Retail buying was light. The overnight bid held on short covering into New York's open. Subsequent tech buying surfaced, but despite more retail nibbling, as 10-years could not break below 4.42%, selling emerged. The Street's attention was captivated by Greenspan's strong recommendation that Fannie Mae and Fredddie Mac reduce their portfolio size by about $200 billion and mulled the impact for the markets. Hawkish economic views were expressed by the World Bank and IMF officials later in the day.

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