Bonds Lower

Treasuries were slightly lower on Thursday; the bond market had little reaction to Greenspan's testimony today

S&P MARKETSCOPE: Treasurys were a bit lower but improved after yields tested the 4% level. 10 year notes lower at 101-11/32 for yield of 3.964%, 30-year bonds lower at 117-20/32 for yield of 4.245%. There was little reaction to Greenspan Joint Economic Committee testimony that indicated he is not finished tightening credit yet. The market saw little reaction to tomorrow's trade deficit data, but could see some reaction to Import Prices index. Earlier today, the 10-year note reopening auction was weaker than expected. The note tailed out to 3.99% from 3.97% at the bid deadline. The indirect bid was a soft 10.8%, well below the 26% average. The 2.50 bid/cover was okay, but helped by the small size of the offering.

Before it's here, it's on the Bloomberg Terminal.